 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. Excuse me. 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. Training futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-doug chat channel. That's a great place to post content, questions, and comments related to the topics of this 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. The focus of my presentation and the focus of the options-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. I have a two-step process for trading and the first is positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. And the second step in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis. And for setups, for entries and exits, and when I talk about setups today, I will be talking about an underlying asset and trades can be taken any number of ways. For example, the S&P 500, you can create ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome, and I will be watching both the options-doug chat channel and Discord, as well as the chat and YouTube for your questions and comments. Please feel free to post. And Tony, hello, welcome. Happy Friday to you. Glad you're here. And Zulus, I don't know how to pronounce that, happy Friday to you as well. And glad you're here, welcome. All right, my agenda for today, what I want to talk about, first of all, news items, economic data events and earnings for the week and just a preview of next week. And then I'll go through my positional analysis, then I'll review some setups from this morning, and then I'll talk about the live market. And great. Thank you, Zulus. All right, so then I'll talk about the live market. When I get to the live market, I'll take a look at any stocks you want me to take a look at. And Thiago asked about GLD, I'll take a look at that. And Thiago, if I don't remember, please remind me. All right, let's get started. And so sorry, just indicated millions worth of short-term out-of-the-money VIX calls just hit the tape. And we'll take a look at that. All right, let's get started with news items first. And today, the consumer sentiment number came out. That was less than expected, also less than previous. And let's just take a preview of next week. So next week, retail sales, building permits, and drone pal speaking and GDP, that's the week after next. And then also, Friday is the options expiration, October options expiration. Let's take a look at the earnings chart and see what's coming up for next week. So for next week, of the stocks that I track, Tesla and Netflix, both report earnings next week, and that is only 18th. All right, so that is the, and I'll talk more about events, economic data and earnings coming up for next week. I'll talk more about that on Monday. All right, so again, Michigan consumer sentiment came out. And that was at 10 a.m. And here's the reaction, a reversal at the 436 zero gamma level. And I'm not sure that was the key driver. Well, I'll talk more about what was going on in just a few minutes. So I'm going to start with my positional analysis now. And this is the ES futures and book map. And before I take a closer look at this chart, I want to take a look at a larger time frame. So I'm going to go to the SPX. This is a one day, I'm sorry, a 30 day one hour chart showing price and key levels. So this is the September 15th options expiration call dominated options expiration. And that was the start of the downtrend lower. And then last Friday, the jobs report. That was the start of this uptrend that has ended really at the upper weekly expected move for this week. And that upper weekly expected move is shown here with the dash purple line. Here's the lower weekly expected move. Note SPX is trading within that range. So that the upper and lower weekly expected move that is based on the options market. You can find this information in any trading platform that has an options chain. And this is set for the week. And SPX should trade within that range one standard deviation or 68% of the time. All right, so that's the weekly expected move. Again, the upper weekly expected move has been resistance all week. We'll take a closer look at that in just a minute. And then the next levels are the daily expected move lower and upper daily expected move shown with the dash blue lines. Note SPX is now trading below that lower daily expected move. And there are also some key spot gamma levels on this chart. I'll point out the key daily levels. These are proprietary spot gamma levels based on gamma weighted open interest. Here's the put wall at 4200. That's the strike with large net negative gamma that can be expected to act as support. And the next level above that is the 4340 volatility trigger that a spot gamma is proprietary gamma 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. And 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 their delta exposure. So right now, SPX is trading below that level and also started in a negative gamma position at the beginning of the day. All right, the next level up is 4400. That is the absolute gamma strike. That's the strike with the largest absolute negative and positive gamma. That is also the call wall, the strike with the largest net positive gamma. And that can be expected to act as resistance. And that level, the call wall for SPX did shift lower from yesterday from 4450 to 4400. And that is bearish. Anytime the call wall shifts lower, that is a bearish indication. All right, those are the key daily levels. Let's take a look at a shorter time frame. And I've normally just show one day. This is one minute chart. I normally just show one day. This is starting on the 10th and showing how this upper weekly expected move has been acting more or less as resistance every day. So this upper weekly expected move, the dash purple line, that does not change during the week. And this upper daily expected move, that changes every day. So that is only in play for today. And now the lower daily expected move, price is trading below there. And we'll see if that acts as support. And note, here's the volatility trigger. And SPX is now trading below that volatility trigger. So if this continues lower, I would expect Gamma Notional to become much more negative on Monday. All right, Nanny 02, welcome. Glad you're here. Ask, how do you know expected daily levels? Let me show that real quick. So let's go to, so this is the, again, a three-day, four-day chart for SPX, just pointing out how this upper weekly expected move has been in play all day. And note that SPX did gap up today, right up to the upper weekly expected move, and then has been moving lower pretty much ever since then. So perfect resistance at the upper weekly expected move. And now it looks like SPX is making an attempt to move above that upper daily expected move. All right, so gap up resistance at upper weekly expected move, and now was testing the lower daily expected move, and now making a sharp rally higher. All right, so Nanny, let's take a look, see if I can answer your question. I'm going to go to thinkorswim. And by the way, this is showing what is, what's driving price lower today. Just look at the large cap tech stocks, Apple, NVIDIA, Microsoft, Google, Amazon, Tesla, Meta, Energy Sector higher, and large cap tech driving the market lower. All right, so let's take a look at SPX. Take a look at an options chain. So I'm just going to go to today. All right, so I did this. Actually, we'll take a look at Monday. So I did this yesterday evening when SPX closes, and I will focus on the 16th here. So this is Monday. So if you just want the expected move for Monday, you wait until SPX closes 4.15 p.m. eastern time. Take this number right here and add it and subtract it to the closing price to get the expected move for the day. And then for the week, again, waiting until the close. And for the 20th, for the close, I'll use the weekly, the p.m. settlement. So wait until the close and then you can get that weekly expected move right here and add that and subtract it to the closing price to get the upper and lower weekly expected move. All right, so this is thinkorswim looking at an options chain and thinkorswim. All right, so it's pretty simple. All right, so now let's go to book map. So I've looked at the SPX 30-day one-hour chart and then also one-minute chart. Five days, four or five days worth of information. Now let's take a look at book map. So in book map, I have my own cloud notes and I am showing the SPX levels. So for example, here's the volatility trigger at 43.40. And today there's around a 30-point difference between ES and SPX. So ES minus SPX is 30. So the 43.40 level is shown at ES 43.70. All right, so I have SPX levels on this chart converted to equivalent ES numbers. I also have SPI levels. So there's the SPI 436 zero gamma level and around that level acted as resistance this morning. And most of the SPI round numbers have been in play today just like they were yesterday. So after the consumer sentiment, the S&P 500 moved up to VWAP and also this 435 large gamma 2 volatility trigger level and reverse lower. And now it appears that the SPI 430 level, that's the absolute gamma strike, may be acting as support and that's just below the lower daily expected move. This is for ES, it's a little bit different than SPX because of the trading hours. All right, so those are the levels in play for today. So the upper weekly expected move for SPX as well as the 436 level acted as resistance. And here's the upper weekly expected move for ES. So price did not quite make it up to the upper weekly expected move for ES futures, but tagged it almost to the tick for SPX. And I generally put more weight on the levels expected moves for SPX. It is kind of the key index ES is just a derivative of SPX. All right, so those levels in play for today. So the last time I looked at this chart, the resistance again SPX, upper weekly expected move as well as the SPI 436 level and the support level was yet to be determined. So maybe the 430 level is going to be support. We'll take a look and see what options traders are doing in just a minute. All right, Adam Scott asks, what does Bookmap show you if you trade the euro slash USD? I assume you're talking about spot forex and if so, Bookmap does not show spot forex. You can trade currency futures. For example, if you wanted to trade the euro, you could trade slash 6E, but spot forex is not available in Bookmap. All right, and Truman asks, what is large gamma to volatility level? So spot gamma ranks volatility levels or spot gamma levels from one to five. One being the most important and five being the least important. So one, a large gamma one level or a combo one level, I would pay or a two level. I would pay a lot of attention to those. Those are levels of high concentrations of gamma weighted open interest. One of the five is the range, one being the highest again, five being the least important or lowest. All right, so those are the levels of play for the S&P 500. I talked about shifts in levels for the SPX, the call wall shifted lower, and for SPY, the volatility trigger shifted lower, the call wall shifted lower, and the absolute gamma strike shifted lower. That is very bearish, and the call wall shifted down from 445 to 437, and the absolute gamma strike shifted down from 440 to 430. So overall, very bearish shifts lower in the key daily levels for SPX and SPY. All right, let's take a look at NASDAQ. Go to NQ Futures. So here are the NQ Futures. And I'm just going to take a look at, first of all, a QQQ chart so we can isolate the QQQ levels. And note, here is, this is a one day one minute chart. This 371 level, round number level acted as resistance and price. Once QQQ broke down, it moved all the way down pretty quickly to the 365 level, and that is a large gamma 4 level. Went back and tested the 367 level, and then broke below the 365 level, which is a large gamma 4 level. So a little bit lower in the ranking of gamma, but still important. Acted as support, price broke below, and maybe acting as support again. Just making an adjustment here. Actually, let me do something here. All right, so that's how I draw the round number levels on my thinkorswim charts. I just used the Fibonacci tool to draw the round number levels. So these are not Fibonacci lines, they are round number levels. I just used that tool. So this is showing the 364 round that level acting as support. So round number levels for QQQ have been very important today. All right, let's take a look at the NDX chart and note just let me point out the gamma level. So I pointed out the 365 level and 369 is the volatility trigger. All right, shifts and levels for QQQ. The volatility trigger did shift lower one point down to 369. The put wall shifted higher to 350 and the call wall shifted lower to 372. So overall somewhat of a bearish shift lower for the levels for QQQ. Especially the call wall, that potential ceiling for price moving lower. All right, let's just take a quick look at NDX. I've got another thinkorswim one day one minute chart. And note the volatility trigger for NDX at 14,990 just below the 15,000 level. And these levels have been providing support, maybe resistance, maybe support again. And that volatility trigger did shift lower slightly for NDX. And that was the only shift lower for NDX. All right, let's go back to book map now and take a look at NQ. So NQ, I have my own cloud notes again. I'm showing NDX levels. There's the lower daily expected move for NQ. Just right around that level and 15,200 acted as resistance. That is also the 367 level for QQQ. And then the 364 level maybe acting as support. And there's the 371 level acted as resistance. So that's how I look at the NASDAQ in terms of NDX and especially QQQ levels. And just like the ES, I look at that in terms of SPI and SPX levels. All right, we'll talk about setups in a few minutes. Those are the levels in play for today. I talked about shifts in levels and overall for the SMB500 and NASDAQ various shifts lower in the key daily levels. All right, let's take a look at gamma notional today to see how market makers were positioned on the gamma curve at the beginning of the day. This is market makers position on the gamma curve for SPX, SPI, and QQQ. And I really don't look at NDX. It's not significant compared to the others. Note that all these numbers are negative, indicating traders are long puts, market makers are short puts. And in a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility when market makers are trading in the direction of price to hedge their delta exposure. Remember, they always want to remain delta neutral. So they're constantly hedging as traders trade options in SPX, SPI, and QQQ. All right, let's take a look at the Vana model now and we can see a graphical representation of what I'm talking about. This is SPX in the Vana model. What this chart is showing is delta notional. This is market makers delta exposure on the vertical axis and how that changes with price on the horizontal axis. There are two curves on this chart. First, the light gray curve is showing how market makers delta notional changes with changes in price and implied volatility. And the purple curve adds implied volatility to the equation. That's showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with the change in implied volatility is the Vana effect. Vana is a second order Greek. All right, let's take a look at some numbers on this chart. So first of all, let's take a look at SPX. So the high of the day was right around the upper weekly expected move at 43.76. So let's locate that on this chart. So somewhere between these two lines, so near the bottom of the curve indicating if price moved up, moved up much higher market makers would need to sell futures. And then on the other hand, if price drops and implied volatility increases, market makers would have to sell futures to hedge their delta exposure. Pretty firmly on the negative gamma portion of this curve. Right now, SPX is trading right around 43.27. So this is showing as prices decreased. And we'll take a look at VIX in just a minute and see that it has increased pretty substantially. Last time I looked VIX was up over 20% today, which is a little bit puzzling, but it is what it is. So as implied volatility increases especially that much and price drops, market makers have to sell futures to hedge their delta exposure. Remember there in this portion of the gamma curve, they're short and this is not the gamma curve. This is the VANA model. But in that portion of the gamma curve, market makers are short puts and those puts are gaining in value and they have to sell futures to hedge their delta exposure. Their delta notional is becoming much more negative and they have to sell futures to hedge that. All right, so that is the VANA model for SPX. Let's take a look at SPY. So remember gamma notional for SPY is more negative than SPX. So this curve is tilted more skewed more to the left, upward sopping to the left. Right now SPY is trading just above 431 on this portion of the gamma curve. So if implied volatility continues to increase, price continues to drop, market makers will need to continue to sell futures. On the other hand, if price does increase and implied volatility starts to drop, market makers can buy back their short futures and that can fuel a rally higher. All right, then let's take a look at QQQ. All right, here's QQQ currently trading at 365. Remember, 364 was support. So very much on the negative gamma portion of this curve and again the same idea. If price starts to increase and implied volatility drops, market makers can buy back short futures. So when options traders trade QQQ options, market makers hedge them. So let's take a look at that in QFutures. All right, let me check for questions and Warren Hello asked, should there be much of a difference between the spot gamma implied one day, five day move versus the expected move downward expected, up and lower expected move that I have calculated from thinkorswim. I think the basis of the calculations is different. And I'm not sure how spot gamma does that. The thing about the spot gamma implied move, first of all, I've just gotten in the habit of using the expected move from thinkorswim, just staying consistent with that. I think it provides pretty good information. This is based on the options market and the expected move from spot gamma is based more on the gamma levels. So you might ask them this question. And the thing about the one day expected move for spot gamma, that's based on the opening price for SPX, I believe. So I have enough to do on the morning with the thinkorswim expected moves. I can calculate that, look at that in the evening the day before. So that's one thing that I can do on my preparation on the day before and one less thing that I have to do on the morning. So again, just it's a matter of habit what I've been using. And also it just saves me a little bit of time in the morning to stick with those expected moves from thinkorswim. Or any training platform that has an options chain. You could get it from Tasty Trade or, you know, those are the two platforms that I use for options trading. All right, you're welcome Warren. I'm glad you're here, welcome. All right, let's take a look now at some setups. And so again, my thesis for the day. You know, I've mentioned bearish directional bias based on the shifts lower in levels for the SMB500 and NASDAQ. And then also looking for higher trading range today based on the increase in gamma notional. All right, let's take a look at and see what options traders are doing. This is the hero signal, hedging impact, real-time options. This is available to spot gamma subscribers. What this chart is showing is price for SPX. This is the SMB500 price for SPX and options trades and market maker hedging activity for a combined signal for SPX, SPI, XSP and ES futures. All right, I'm going to attempt to zoom into this chart. I've had some issues for the last couple of weeks with this kind of an automatic zoom in to just a last couple of minutes of data. I do have Firefox loaded in case that problem occurs. So if I ever have that problem, we'll go over to Firefox and see if that works. And just one other note today, the alerts are not fully working today, the hero alerts. So those, my understanding is the hero alerts have been turned off for development work today. So this is just showing primarily the put wall and call wall breach alerts. So this is a little bit unusual seeing all these, you know, in recent weeks, seeing all these put wall breaches. All right, so let's take, let's get started. Again, see what options traders have been doing and they have been taking negative delta positions all day. That's shown by the falling purple line. Oops, wrong tool. Falling purple line traders are taking negative delta positions and market makers taking the opposite side of that. So they have to sell futures to hedge their delta exposure. So the thing to point out here is this divergent short. This is the cash open right here and traders from the open were taking negative delta positions. And here's your short set up. Notice that hero before the 10 a.m. data release was already moving lower. And then the SPX started moving lower just a few minutes before that data release. This is the data release at 10 a.m. right here. All right, let's take a closer look and see what traders were doing. So they were buying calls. That's pretty typical, shown by the rising orange line and also buying puts, shown by the falling blue line. Put buyers a more aggressive driving price today for sure. Note the notional value of minus 5.3 billion versus positive 3 billion. Put buyers more aggressive. All right, let me check for questions. And Tony asked, does Spot Gamma still have the hero sub-charge signal on the book map platform? And no, that was terminated some time ago. All of the development work has been focused on the web-based version. It might have been like a year and a half ago. I don't remember exactly when, but the hero signal is no longer available for book map. All right, let's take a look at one other thing and see what I'm going to separate out or actually add next X-Berry, which for today, well, for the S&B 500, this would be every day. All right, so this is showing next X-Berry options trades, options that expire today. And let's focus on the puts. So the puts are zero DTE shown with a slider blue line and the darker blue is showing options, all expirations. So the zero DTE options trades for puts are a significant portion, but not maybe just a little bit over half of the total options notional value for puts today. So traders are buying long-term puts today or at least options that expire sometime next week or beyond. Let's go back to the total signal and then we'll just focus again on this signal in the morning. Divergent short, I'm looking for the hero signal to indicate a move lower and price trades up and there's that zoom. Sorry, there's nothing I did. Let's take a look at Firefox. All right, back to the S&B 500. Again, hero signal moving lower, price makes a move up and reverses lower right around 10 a.m. Let's go take a look at book map now. So here is, here's that reversal lower. Note the shift in order flow here. The volume dots are showing market buy minus sell, green dot indicates there are more buyers than sellers. Shinta dot indicates more sellers than buyers. So as options traders were taking negative delta positions, aggressive sellers started to come in right at 10 a.m. and help to move price lower. Note the shift in the cumulative volume delta line and it actually started moving lower just before 10 a.m. Also the falling yellow line indicates that as price started moving lower, sell stop orders were helping to fuel that move lower. That's shown by the red dots here as well as the yellow line in the sub chart. Sell stop orders fueling the move lower. And then finally, large traders joined the party with iceberg orders. They used to hide their size shown by the slightly falling blue line there. And this is kind of unusual to see at the lower end of a move like that to see large traders selling that with iceberg orders shown by that sharp drop in the light blue line there. Again, that's kind of unusual. Usually large traders will buy weakness and sell strength. So I would have expected to see rising light blue line there more buy iceberg orders. So again, this is pretty unusual for large traders to come in at the lower portion of a move lower like that. Alright, so there's the short setup today starting right around 10 a.m. Initial entry at 436. Secondary entries at pullbacks. There's the first one to 435. Then another pullback to 433. Alright, then we'll see if this 430 level holds as support. Alright, so that is the SMB 500 setup. Obviously a short in line with the thesis for today with the shifts lower in the key daily levels and definitely confirmed by hedging flow. This is what I talk about in my introduction confirmed with hedging flow and order flow in hero and in book map. Alright, let's take a look at NASDAQ now and similar setup. Reversal at the 371 level. Aggressive sellers start to come in and good entry point right below the 370 level, which is the absolute gamma strike for QQQ and also VWAP. A lot of aggressive sellers there and additional entry points at 369, 367 and again at 367. And here maybe 364 holding as support. And we'll take a look at the live market in just a few minutes and see what options traders are doing. Alright, let's take a look at some stocks now. And before I get the stocks, I want to take a look at how you can plan your day on Friday. So what I do in this, this is spot gamma equity hub. I have my watch list here. These are the stocks that I trade large cap tech stocks primarily. And what I do is I rank this by next XBRE gamma percent. And for some reason this won't hold this order. Alright, so let's remember Netflix first. This composite view chart is showing call domination throughout the price range here. So this is showing call domination. We know that the next XBRE gamma percent, which is today 1013. So there are a lot of the call gamma. A lot of these calls are expiring today. So I'll go, yeah, thanks for the reminder. We'll take a look at GLD. I also want to take a look at VIX. And we'll go back to heroin in just a minute. So this is Netflix looking for drop based on these calls expiring as price moves lower. They are quickly losing value. When traders buy calls, market makers are short calls. They have to buy stock to hedge their delta exposure as price drops. And these calls start to lose value due to expiring today. That's the charm effect. The change in delta with a change in time as time passes. Market makers can sell their long stock edges. So let's go to hero. We'll take a look at Netflix. So I'm shifting back to, right, so kind of a mixed picture, but definitely negative for Netflix today. Divergence short. Let's go back, go back to this list. I don't know why it won't hold that ranking next is NVIDIA. Also call domination above the 470 level. 470 is the key gamma strike. Alright, let's go to NVIDIA. And Netflix, I do not have that in book maps, so I can't take a look at that. So let's take a look at NVIDIA and still having some issues with hero here. I think due to the development work today. So great short setup here and NVIDIA. Let's zoom in on this. We see that 470 is the key gamma strike that did act as resistance today. Here's your short setup. Right around 10 a.m. We'll go to book map in just a moment. Let's see traders. We're buying puts and selling calls. And also those calls were losing value. The calls that expire today losing value due to charm. Market makers are selling their long stock edges. So this is a call gamma unwind. Something that I look for every Friday, especially in these very actively traded stocks where traders are buying calls buying calls. They start a Monday buying calls that expire in the end of the week. So Floyd's Grudge asks, so calls expiring will be bullish? No, bearish. So again, traders have been buying calls all week. And those calls that expire at the end of the day today. So traders buy calls, market makers sell the calls. They have to buy stock, they're dealt exposure. And as those calls are losing value, traders are selling those calls. Those calls are losing value due to charm. They expire today. Market makers can sell their long stock edges. So this is call gamma unwind. It's a pretty reliable setup. And it's definitely happening today. And it is bearish. You want to look for a short. So bullish during the week when traders are buying calls. But on Friday, when those calls are expiring, it is a bearish setup. Especially for if traders are not buying calls today. If they're not buying calls that fuel that move higher, potentially bullish. So Floyd's Grudge, you have to watch on Monday. Watch here on Monday. If traders are buying calls, market makers are selling calls. They have to start buying stock again to hedge their dealt exposure. All right, let's go take a look at book map. Go to Nvidia. Great bearish setup. Here's that fourth 70 key gamma strike. Then the reversal lower at 10 AM was just a pullback to 469. And Nvidia continues to move lower. Again, part of the large cap tech. Magnificent seven that is definitely for driving price today. All right, let's go back to the list. Rank it again. The next one is Tesla call domination show by the green area above 273. So there's some calls that are expiring today. 35% gamma expiring today. Let's take a look at Tesla. So go back to Firefox. Go to Tesla. And we'll zoom in a little bit earlier in the day. Let's go back to the total signal. Traders were definitely taking negative delta positions. Let's go to book map. Take a look at Tesla. Definitely a bearish day in Tesla. All right. Let's just take a look at take a look at a couple of other stocks real quick. So we've already looked at Nvidia. Let's just take a look at metal. There's also a short set up in metal. You know, another magnificent seven that is definitely moving lower. We'll check hero. Same problem on Firefox. So no need to look at Firefox. We'll go back to Chrome. Go to hero. Meta. Meta 325 key gamma strike resistance. Traders are selling calls buying puts both notional value for the orange and blue are both negative. Excuse me. All right. So we just looked at meta and book map. Let's go back to that. Another bearish day in meta multiple pullbacks for entry VWAP 322 320 317 primary targets at the high liquidity, especially at the zeros and the fives big round numbers. This is the what I'm talking about this heat map and book map showing limit. These are limit buy orders below price. These large areas of liquidity do act as magnets for price. All right. Let's take a look at GLD. All right. GLD rising and I do not have GLD in book map, but net for the day options traders are taking negative delta positions and price is not really responding. All right. I want to take a look at VIX that again. Well, maybe maybe back to Firefox. Maybe I dismiss that too quickly. I just move that to another screen to see if I can bring up VIX. No, that's not working in Firefox either. All right. Let's take a look at just a price chart of VIX. I wanted to see what. So one thing to note today is that let's just zoom in on today. So VIX was actually trading higher this morning, slightly higher as the S&P 500 was moving higher. That was pretty unusual, kind of a precursor to today. And slow to Zari showed a screenshot from Cheddarflow indicating a large number of calls being purchased in large number of calls being purchased in VIX. Warren says might need to log out, log back in having the same issues today. Part of it I think is the development work going on today. Again, I mentioned that they're doing some work on the hero alerts. Those were turned off so that could be part of the problem. All right. So there's VIX now. It looks like trying to move higher again up for the day around 20%. And not sure what is driving that. All right. Let's go back to Bookmap. Let's go back to the S&P 500 actually. So it looks like now options traders have, they were taking positive delta positions leveled off and price is consolidating. Zoom in on this, see if we can do this quickly before it zooms in. Let's just look at the last 30 minutes of data so we can get a little bit more clarity. All right. So they started buying calls. It's leveled off maybe dropping down a little bit and started selling puts. Let's go back to the full day look back period. Then let's just take a look at the total signal. All right. So after about 145, pretty flat for hero. Let's go to Bookmap. Back to ES. So far that 430 absolute gamma strike level as well as this 4315 support level acting as support. Let's take a look at NASDAQ. Now it looks like some aggressive buyers coming in. Let's go take a look at hero. Look at NASDAQ. So not a substantial shift higher in hero. So if I were looking for an afternoon reversal higher, I would really look for a move higher in hero for the S&P 500 and NASDAQ. As well as this as well as the large cap tech stocks to stabilize. I'm looking at another screen. It looks like Apple may be starting to move higher. AMD stabilized maybe Amazon starting to move higher. Google consolidating maybe trying to move higher. Same for Meta. Same for Microsoft. So maybe the dip buyers are coming in for these large cap tech stocks back to book map. Note that large traders are starting to buy with iceberg orders from the rising light blue line. At some point if this is going to continue to move higher I would look for options traders as well as buy stop orders to start to fuel the move higher. Take one last look at the S&P 500. Also consolidating between the 431, 432 level. And again I would look for larger traders to come in with iceberg orders as well as buy stop orders to help a fuel move higher. Alright so for the S&P 500 we know that options traders may be taking advantage of this low price and at least have stopped selling taking negative delta positions. Take one final look at VIX. Oh VIX is falling so this is also a potentially bullish signal. Alright so slow to sorry I had asked earlier can I see anything useful on VIX flows? And no sorry I tried for some reason with this issue with Hero. It's not showing VIX today. If I get something later on I'll post that in Discord. And also thank you for posting that message from Chatterflow earlier about the short term out of the money VIX cause. So thanks again for posting that. Alright my time is up. I want to thank everyone for watching. Thank you for your questions and comments. Have a great weekend. And I will see you on Monday. Thanks again. Bye.