 Hello. Hello. Hello. Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And hello, Kani Moto. Hope I'm pronouncing that correctly. And J.C. Hello. The focus of my presentation and the focus of the Options-Doug Chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step in my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma Hero to confirm my thesis and for setups for entries and exits. And just to be clear, when I talk about setups, I'll be talking about an underlying asset like ES futures, In-Q futures, or Apple stock or Tesla stock. The trades can be taken any number of ways with futures, with the S&P 500. You can trade ES futures, SPX options, SPY options, SPY shares. Again, I'm just talking about an analysis based on the options market, and trades can be taken any number of ways. And questions and comments are welcome, and I will be watching the chat channel in YouTube, as well as the options-dog chat and discord for your questions and comments. So please, I welcome questions and comments that are on topic. It will make it definitely more interesting for me and hopefully for everyone else as well. And hello, Alexis in YouTube. Glad you're here. All right, let's get started. And what I want to talk about today, actually let me get rid of these. This is the market pulse indicator in Bookmap. So what I want to talk about today, my agenda for the day, talk about news items that would be economic data as well as earnings. And then I'll go through my positional analysis. And then finally, I'll talk about setups. So first of all, yes, for news, excuse me, meta reported after the close yesterday. And let's just take a quick look at a chart of meta in Bookmap. And I'm going to show yesterday and today, tone down the volume dots. So over here, this is yesterday. On the left, this is the move after earnings, after meta reported earnings, after the close. And then the uptrend continues today until finally it looks like prices is kind of clustered around the 240 level. So big move higher in meta, certainly helping to drive the NASDAQ higher. And let's see what. And right now, meta is up about 15% for the day. So pretty strong move in meta. And definitely the move was all pre-market. All right, other news. Today, GDP was reported this morning, 8.30 a.m. Eastern Time. It was lower than expected and lower than the previous number. And then Amazon reports after the market closed today. And then finally, Friday, the week closes with the PCE data at 8.30 a.m. Eastern Time and then Michigan Consumer Sentiment at 10 a.m. Eastern Time. Okay, that's the news items that should wrap up the week again with the data coming out tomorrow morning. So let's take a look at some charts now. Go through the positional analysis. First, we'll start with levels on the charts. And this is Bookmap, the ES Futures. And before I go further under this chart, let's take a look at a 20-day one-hour chart for the SPX. This is showing price and key levels. The dashed blue lines are the lower and upper expected move for the day. And this is based on the close yesterday. And note that SPX is trading well above the lower edge of the expected move for the day. And then the purple lines, purple dashed lines, the lower and upper edge, the weekly expected move. And yesterday, SPX did trade down below that level and now opened up, gapped up above that level, is trading up higher. So those are the expected moves for the week and the day based on the options market. And now let's take a look at some key gamma levels. First of all, here is the put wall. And these are the kind of the primary daily levels that I track. These are provided by Spot Gamma for a variety of trading platforms. Here they're shown for thinkorswim. There's the put wall. That's the strike with the largest net negative gamma. Again at 4000 that can be expected to act as support. And that is also the key gamma strike. That's the strike with the largest absolute gamma. And then the volatility trigger is at 490. And that's a very important level. That is Spot Gamma's proprietary gamma flip level. And below that level, market makers position on the gamma curve is negative. And that means they have to trade with price to hedge their delta exposure. And that tends to enhance volatility when market makers are trading with price. They're selling as price drops and buying futures as price increases. And then on the other hand, when market may when price is above that level, market makers position on the gamma curve is positive. And that means they have to trade against price to hedge their delta exposure. And that tends to subdue volatility. And I think this and I'll talk more about that in a few minutes. Now this volatility trigger shifts a little bit every day. But on Tuesday, the price did drop below the volatility trigger. And I think that helped to fuel that downtrend day. And again, now price is trading above the volatility trigger. And then finally, the call wall at 4200. That's the strike with the largest net positive gamma that can be expected to act as resistance. And note that that dropped from 4300 yesterday. It made a brief visit to 4300, which I believe is the short strike of the JP Morgan collar that expires in June. And now it's back at 4200, where the SPX call wall has been at some time. So those are the primary levels that put wall, the key gamma strike, the volatility trigger, and the call wall. And let's take a look at a another SPX chart. And this is for, this is just for today. This is a one hour, one day, one minute chart. It looks like I need to scroll down a bit here. So again, this is thinkorswim showing the key levels that are in play for today in a one day, one minute chart. And note that the volatility trigger and the zero gamma level were key levels in the early trade this morning, acting as resistance for about the first 45 minutes price broke below the volatility trigger. And then right here kind of zoomed above it. And I think that was the key for the day is price. And the same thing we'll see for the NASDAQ as well, breaking above that volatility trigger. And then it's been off to the races since then. And here is price stalling briefly at the 4100 level. And price continues higher. All right, let's take a look at book map. And here's that cluster of levels here. So what I'm showing is two, first of all, two columns of notes here. This is the spot gamma cloud notes, again provided to a spot gamma subscribers for a variety of trading platforms. And this is showing the key SPX gamma levels. And right now spot gamma I believe is using about a 20 point difference between ES and SPX. And I calculated that difference this morning at 18 points. So I'm showing the SPX levels at an 18 point difference. So this 4100 level, the equivalent level for ES is 4118. So here, that's the 4110 resistance level. And then I'm also showing SPY levels. These are my cloud notes. That's the SPY 410 level. Both of these levels were noted as resistance in the spot gamma AM founders note. And then here's the cluster of levels that I was talking about. This is the SPX 4090 volatility trigger, upper edge of the daily expected move, the 408, SPY 408 volatility trigger. And then there's the zero gamma level. And here, again, is the, you know, I think for the key for the day, there's a break above the solid break above the volatility trigger, both the SPX and the SPY volatility trigger. Getting above those resistance levels. So those are the levels that are in play for the S&P 500. Let's talk about the NASDAQ. And for the NASDAQ, I do have the QQQ chart showing the key levels. And this is again for QQQ and SPX one day, one minute chart. And here's the volatility trigger and note that level acted as resistance a couple of times this morning and then broke above that level. And again, I think that was the key for the day. And note also other levels that are in play here. This is the 315 key gamma strike for QQQ and that did act as support this morning. And now price is heading up towards the 320 call wall for QQQ. So nice move higher in the NASDAQ. And the put wall is at 310. It's not shown on this chart. But again, the put wall is at 310. All right, let's take a look at bookbap now. So here's the NASDAQ. And when I talk about setups, I'll I'll zoom in a little bit. But here's that that break above this. The volatility trigger, that is that middle white line is actually the QQQ 316 volatility trigger. The light blue line, of course, is the upper edge of the daily expected move. And then this level right here is the 12973. This is the NDX 12973 combo one level. So that means it's a combination of NDX and QQQ gamma combined into one number, NDX number and then converted to an equivalent NQ number. And I'm actually using a 77 point difference between NQ and NDX. So I'm showing that in my cloud notes columns here in my cloud notes column. So the break above the volatility trigger, upper edge the daily expected move, and then it's off to the races for NASDAQ as well. All right, let's talk about shifts in levels. And for SPX, the volatility trigger did drop slightly from 4100 yesterday to 4090. And the call wall, as I mentioned before, shifted down from 4300 to 4200. So that's SPX. And for SPY, there was only one shift, a slight shift lower. And the volatility trigger from 410 yesterday to 408. And then for QQQ, the volatility trigger shifted higher slightly from 315 to 316. The call wall shifted down from 330 to 320. And then the key gamma strike shifted higher from 310 to 315. So just based on those shifts in levels, my thesis for the day was fairly neutral. And that is for a directional bias. All right, let's take a look at the gamma levels now and we'll see where the levels come from. So let's go to, we'll start with SPX, look at the absolute gamma levels. And this is the 4000 strike for SPX. And that is the key gamma strike, the strike with the largest absolute gamma. That's also the put wall, the strike with the largest net negative gamma. And that can be expected to act as support. And then here is the call wall. Again, moving back down to the 4200 level from 4300 yesterday. That's the strike with the largest absolute, our net positive gamma. And that can be expected to act as resistance. So that's SPX. Let me check for questions. All right, so in YouTube, there are a couple of questions. Hello, Samir. He has been trying to get a trial subscription, I assume for SPOT Gamma prior to setting up a regular subscription. I don't work for SPOT Gamma. So I suggest just contacting SPOT Gamma support at info at SPOTGamma.com. They should be able to help you. And you should be able to set up your trial subscription just by going to the website. But if you can't do that, again, contact SPOT Gamma support. It may take them a while to respond. But it's info at SPOTGamma.com. And Alexis asks, how do I recalculate the difference between SPX and ES? So let me show you how I do that. And I set up a script thanks to one of our members in Discord provided this. So I set up a script in Thinkorswim that calculates the ES to SPY ratio. I have several scripts here. And this is in Thinkorswim. This is the ES to SPY ratio. This is the ES minus SPX. And right now, it looks like that point difference is closer to 19 than 18. When I looked at it this morning, it was about 18. Maybe it varies. This is real time. So it varies quite a bit. So I'm just using the script, script, think script. Right. So I hope that answers your question. And I have posted all of these scripts in Bookmap Discord and the options dash Doug chat channel in Bookmap Discord, which is free and available to for everyone. All right. So that is SPX. Take a look at SPY. And in Discord, Hector asks, when the call wall is decreasing, you start considering a resistance the second bar. And is it possible to detect the price at the market in such point? And I'm not sure I understand your question. Again, I'm just not sure I understand your question. All right. So let's take a look at the absolute gamma levels for SPY. I'm going to zoom in on this chart. And for SPY, the key gamma strike is at 405. That shown right here, the strike with the largest absolute gamma. There's the put wall at 400. That's pretty obvious. Strike with the largest net negative gamma. And by the way, I forgot to mention this chart is showing positive gamma or call gamma above the zero line. That's the orange bars. And the blue bars are showing negative gamma or put gamma below the zero line. So call gamma or positive gamma with the orange bars and negative gamma or put gamma with the blue bars. And these are market makers positions at these strikes. So there's the key gamma strike at 405. The put wall, there's the floor. And then the call wall is at 412. And that's right here, the strike with the largest net positive gamma. And usually I have to do a refresh. We'll take a look at NDX and then QQQ. So let's go to NDX now. And really, no need to zoom in on this. This is the 12,975 strike. And notice that is almost all call gamma. That is the key gamma strike, as well as the call wall. And then the put wall is way down at 11,000. Now let's take a look at QQQ. I'm going to zoom in on this chart. And for QQQ, 315 is the key gamma strike. And there's the put wall at 310. And then the call wall at 320. And again, it looks like prices. It may already be there at the 320 call wall. But price is heading in that direction. All right, one other thing to take a look at is the VANA model. This is for SPX. And what this is showing is how market makers delta notional or delta exposure changes with changes in price. So the delta notional is shown on the vertical axis. The strike price or price is shown on the horizontal axis. And remember, market makers want to remain delta neutral. So what this is showing is how market makers delta notional changes with changes in price only. That's showing by the light gray line. And this is showing that as price increases, market makers delta notional will increase and they'll have to sell futures. But one thing to note is this line is not as steep as it has been in the last few days. And then also, as price decreases, market makers will have to sell futures to hedge their delta exposure. All right, so that's the light gray line showing delta only. Now, the pink line or pink purple line is showing how market makers delta notional changes with changes in price and with changes in implied volatility. And that's the VANA effect, the change in delta with the change in implied volatility. And what this is showing is that as price decreases, and this was the case for the last couple of days, market makers delta notional will increase and they have to sell futures. And that tends to, in a negative gamma environment, that tends to enhance volatility. And there was an interesting note this morning regarding this VANA model in the spot gamma AM founders note indicating that the, when the purple line here is below, purple line below the gray line shown here, that is indicating that market makers have less long exposure to hedge. So they have lower levels of hedges to sell and to rallies and that is helping to fuel this rally. So another way to think of it is for the last couple of days, and including this morning, actually for yesterday and from, well from the day before, on the 25th when price traded below the volatility trigger, market makers gamma notional went negative. And that was shown by the negative SGI spot gamma gamma index yesterday and then also this morning. So indicating that again, market makers position on the gamma curve at the beginning of the day was negative. And this is showing this chart is showing that market makers have lower levels of long exposure, positive gamma, so less hedging to sell and to rallies. So they're not pushing back. At least that was the case at the beginning of the day. And let's just take a look and see how that has changed for the last couple of days. And not a lot of change. All right, let's take a look at some data now. And actually, before I do that, I want to show a couple of charts and to show the, this is something that I've talked about earlier. I posted this in discord a few days ago, showing how in this zone in the number one zone here, market makers position on the gamma curve was negative. And this is showing a pretty strong rally. Moving up, SPX moved up 260 points and 13 trading days when market makers position on the gamma curve was negative. Their price was below the volatility trigger. And then on March 30th, shown by the number two here, market makers position shifts to positive gamma. That's indicated by that spot gamma index that we'll take a look at in just a minute. And then from that point, SPX traded in a narrow range of about 100 points and 17 days. And then yes, on Tuesday, and I posted this in discord, as well as Twitter, this setup, short setup, and I talked about it on Tuesday that price, the S&P 500 found resistance at the 4115 volatility trigger and shifted lower. And that helped to fuel the first pretty strong downtrend day in quite a while. Price trading below that volatility trigger market makers position on the gamma curve shifted to negative. And that was the evidence for that was the SGI spot gamma gamma index shifted to negative negative one yesterday on the 26th. So here was the actual point where that gamma notional shifted to negative, again, driving a strong downtrend on Tuesday. All right, so let's take a look at wrap this up. We'll take a look data for today. And as I mentioned yesterday, I'm going to just focus going forward on the spot gamma index. It is a consistent measure of overall market gamma market makers position that has been consistent for some time, whereas this gamma notional that I used to look at changed when spot gamma changed the interface to this new modern theme on April 1st. So what this is showing, let me just show the pop up here. It's a proprietary measurement of the total amount of market market gamma for market makers. And a negative position would indicate that market makers position on the gamma curve is negative. And that tends to, again, enhance volatility. So when market makers position on the gamma curve is negative, you can expect a wider training range and higher volatility for the day. So at the start of the day today for SPX, SPI, NDX, and QQQ, these were the values for the spot gamma gamma index. And again, negative for SPX and SPI and QQQ. And I primarily look at this number for SPX. All right, let's take a look at some charts now. We'll talk about some setups. So we'll start with the S&P 500. All right, so again, this is bookmap showing the ES futures. And let's take a look at Hero now. And I had to slice and dice this quite a bit to figure out what was actually driving price, find some correlation. And the reason is the overall, the last time I looked, the overall net negative net delta for options trades for the S&P 500 today was negative. And I often like to, I want to find out what is driving in the market today to give me some confidence in trading in that direction. So what this is showing, this is the, let me zoom back out. And we'll look at all the signals for the S&P 500. I just want to point this out. This is for the S&P 500. It's a combined signal of SPX, SPI, XSP, and ES futures. XSP is not significant. So it's really showing combined signal options trades and market maker hedging activity for SPX, SPI, and ES futures combined into one signal. All right, so I've, again, I've sliced this and diced this. And what I've come up with the, what appears to be driving price action today is zero DTE options trades. So what this is showing is, for those of you who may, who may not be familiar with this chart, the white line is price. And then I am showing zero DTE options trades again for the combined signal, SPI, SPX, and ES. And this green line is showing calls. And it's positive, positive Delta, showing traders are buying calls combined, or net for SPX, SPI, and ES. And to me, this appears to be driving price or at least from the options perspective. So that is almost $1,995,94 million versus minus $416.6 million for puts. So they're buying calls and buying puts and the zero DTE options and the call buyers are winning. All right, let's back out of this now. And I'm going to show all trades, go to the total signal. So this is combining all, oops, let me, actually, I, let's go back to what I was looking at before, go back to puts and calls. All right, so now it has changed a little bit. So right now it looks like put buyers are actually winning when you look at the, look at zero DTE only, and as well for the all trades, all expirations. All right, so that is the combined signal. And now let's take a look at the individual components. So that's the S&P 500. Right now it looks like about minus, minus 1.2 billion. So we'll take a look at the individual components. And there's SPX positive 377 million spy minus 2.1 billion. And then yes, futures positive. So the combined signal shown here is net negative. So anyway, I found this a little bit difficult to interpret today. If you're looking for a driver for an options driver for price, it looks like there are other drivers of price in the S&P 500. And really all you have to do is look at the charts for Amazon, Google, Meta, and you'll see what is driving price higher. So let's go take a look at book map now for the S&P 500 and what this is showing. And I'm just going to look at the big picture here. Again, you know, I think one of the best setups was this trend break, you know, if you weren't already long trend break, and then the move higher at this cluster of levels, basically the SPX and the spy volatility triggers. And note at that point, the cumulative volume delta shifts up, aggressive buyers coming in, and also the rising yellow line indicating that my stop orders are helping to fuel the move higher. So that's the S&P 500. Again, it looks like primarily aggressive buyers and stop buy orders driving the price higher. And note that the iceberg line shown by this light blue line here, larger traders are using iceberg orders to fade this move. So just like options traders, larger traders are selling strength. Right, so that's the S&P 500. Let's take a look at the NASDAQ now. And for those of you who look at hero on a regular basis, you know, options trades do not drive price every day. And today is a pretty good evidence of that, that there are other drivers for price. So here's the NASDAQ. And let's go take a look at hero for QQQ. And I think QQQ is easier to read today. So let's slice and dice this. First of all, we'll slice and dice puts and calls. And we can see that call buyers are definitely driving price higher in QQQ. And this is much more of a direct correlation for the NASDAQ. And this is one of the reasons that I have been focusing on trading the NASDAQ more recently. And this is showing, for those of you again, who may not be familiar with this chart, this rising orange line is showing that call buyers, traders are buying calls. Note the notional value here at 492 million. And the falling blue line that was falling in the morning and then leveled off, showing that traders are buying puts as well. And this is pretty typical of the Nindex. That's at minus 165 million versus 492 million for calls. Call buyers are winning today. So there's NASDAQ. Much easier read than the S&P 500. Let's go back to book map. I'm going to zoom in here. First of all, to the morning, then we'll stop at about 11 o'clock. And note that I mentioned this before on the, excuse me, I mentioned this before on the Nindex chart. Let me just bring that up again. I'm sorry on the QQQ chart. So here's the, it's kind of hidden by this other note here, this combo one, but volatility trigger below it. And what I'm talking about is the initial resistance, active resistance a couple times, slightly higher lows, price breaks above that level. And then it's off to the races to the 420, 320 call wall. Let's go back and take a look at book map. So price breaks above this level and acted as resistance here. VWAP acted as support, actually three times with the 315 key gamma strike just below. And then price breaks above the 12975. That is the NDX call wall key gamma strike and also the QQQ 316 volatility trigger and starts to move higher, fueled by stop order shown by this rising yellow line. And note just the steady rise in this yellow line here by stop orders, feeling the move higher. And again, just like S&P 500, the icebergs line is negative, larger traders are fading this move. And there's the 320 call wall. All right, let's take a look at some stocks. All right, so in Discord Hector says the spot gamma index negative equal volatility is there a way to measure depending on the points. So this is different from hero. So this spot gamma gamma index is totally different from hero. The spot gamma gamma index is something that changes once a day. And hero is something that changes in real time. So the spot gamma gamma index is part of my positional analysis that I used prior to the open. And that is again, you're correct when when it is negative, that indicates market makers position on the gamma curve is negative. And that tends to increase volatility. And spot gamma used to have a scatter plot that showed the daily range for various values of the spot gamma gamma index. I have not been able to find that in the new interface, but it showed pretty clearly below zero that daily trading range did increase with a negative spot gamma gamma index. And I don't think there's any way to measure specifically what that's going to be based on the points. And I think the range for the spot gamma gamma index is negative four to positive four. And I've never seen it close to negative four or positive four. All right. So that is the that's the NASDAQ. Another strong uptrend. And again, this time, much more clearly shown with the QQQ hero traders buying calls. Alright, let's take a look at some stocks. And let's start with actually, I'm just going to go through these pretty quickly. Here's Apple. Let's go take a look at hero. Let's go back to the total signal. Take a look at Apple. And pretty strong confirmation of an uptrend. And call buyers traders are buying calls. They're also buying puts, but the call buyers are winning. Driving Apple price higher. Let's take a look at AMD. And here this was a divergence long note the hero signal zoom in a little bit on the morning showing when this purple line starts to move up. Oh, five or 10 minutes before price moves up and price of reverse is higher. And there was a target at the 86 hedge wall. And now price is trading above that. So let's go take a look at book map. And pretty much I have large cap tech stocks that I follow here in book map. And most all of them are higher on the day. So we'll see a lot of uptrends. And there's the book map chart for AMD. Here's the reversal just above the 84 level. And then remember the 86 level is the hedge wall. First target now price is trading above it toward 87. Here's Amazon. Another strong uptrend. Let's go take a look at hero. And not quite a strong confirmation. Let's see what traders are doing. So it took a lot took a while for traders to start aggressively looks like around 11 o'clock started more aggressive aggressive trading of the positive delta positions. So hero was pretty flat until about 11 o'clock takes a dip. And then Amazon Amazon starts to trade higher with the 110 call wall as a target. Now price is trading above the 110 call wall. It has breached the call wall. Let's go back and take a look at book map. And here's Amazon. And again, remember 110 is the call wall. And it looks like it did act as resistance for a while. Note the high liquidity at that level tends to act as a magnet for price. All right. So that's Amazon. Another uptrend. Let's take a look at Google. And as I believe yesterday, Google was so Google reported earnings on Tuesday after the close with Microsoft. Same same day as Microsoft Tuesday after the close was was flat on the day as I recall, maybe JC or somebody else can confirm that. I believe Google was pretty flat on the day. And it looks like now traders are joining the party moving higher. Let's go take a look at hero. Go to Google now. And the call buyers are out today. Shown by the rising orange line that is definitely driving price today. So when traders buy calls, market makers sell calls, and they have to buy stock to hedge their delta exposure. Remember, they want to remain delta neutral. And note as hero has leveled off here, traders have stopped buying calls. Price is leveled as well. So price was rising aggressive as traders were aggressively buying calls. And note the call wall target at 110 and price reversed higher at the 104 hedge wall. All right. The next is meta. And pretty choppy session and meta after such a strong up move. Let's just go take a look at meta and book map. So pretty choppy session. It looks like the move was definitely pre market after the close yesterday up to the open today and then just chop after that. Let's take a look at Microsoft. Strong up trend of Microsoft. Note the 300 level was the call wall. And it took some aggressive buyers there, but price did breach that call wall and continued higher. Let's go take a look at hero. Look at Microsoft. So 300 was definitely an important strike in Microsoft. It's the key gamma strike, the key delta strike and the call wall. And price is now trading above that level. And notice hero has leveled off. Price is trading sideways. And let's take a look. So traders were both buying calls and selling puts. Both the orange line and the blue line are showing positive. Notional values. And pretty close to equivalent. Orange 146 million. Blue 138 million. All right. The next is Nvidia and Nvidia moves sharply down at the open. The only stock that I big cap tech stock that I watched that that happened to. And now Nvidia is trying to move higher. And in the morning, there was a pretty strong, there was a very strong correlation between options trades and this move lower. And note the large block trade here. And that's usually a large institutional order. Let's see what they were doing. So they were buying puts. Let's go take a look at book mount. Here's Nvidia and the sharp move lower. Now price is trying to recover. And let's see what it Nvidia is. Nvidia is still positive on the day, half a percent. And finally, let's look at Tesla. So here's Tesla. Another strong uptrend. Let's take a look at hero. And there's strong correlation between options trades, hedging activity and price action. That's typical for Tesla. Looks like call driver, call buyers are driving today. Showing by the rising orange line. All right. So there's question in YouTube. Do I see the huge buyers at 4135 and ES? So let's go take a look at book map. Take a look at ES. We'll zoom in a bit. And I believe this is what he's talking about. These large limit buy orders at around 4135 and ES. And that's shown in the heat map here, also in the current order book. You can see the numbers shown here in the current order book. And as well, they've been in the market since about 215 Eastern time. Kind of a large swath of buy orders there. And Truman asked, was the call buying lagging price on Tesla around 11 a.m.? So let's go back to hero and take a look at that. Go to Tesla. I'll zoom in. Yeah, so it looks like there was a slight drop in call buying that picked up around 1120 as price was already increasing. So call buyers were definitely lagging here. Yeah, there's not always a, all right. So Truman, yeah, that was weird. Yeah, there's not always a perfect correlation. If you're between options, trades, hedging activity and price action, it's pretty close in Tesla usually, but not always one to one. And there's another question on YouTube, then we'll wrap it up. Let's go back into book map. Well, first of all, let's take a look at hero. All right, so with hero rising like this, I don't see any, any chance right now of price moving back down. So PH3 ocean chemist chemistry research asked, do you think we, I assume ES, will pull back and get the buyers at ES at 4135, I assume. So with hero rising like this, not right now, let's go back and take a look at book map and then we'll, we'll wrap it up. So that's pretty far away. That's 15 points down. And with a strong uptrend, now it looks like the larger traders are joining the party. You can see that with these iceberg by iceberg orders here also fueled by, by stop orders prices up to the 4150 level, very strong uptrend today. So anything is possible, but it doesn't look like likely right now that again, anything is possible. Traders may take profits in the end of the day. All right, so that's all I have for today. I want to thank you for watching. Thanks for your questions and comments. And remember PCE tomorrow morning and consumer sentiment at 10am. And then we'll talk about that tomorrow afternoon. So thanks again, everyone. Thanks for watching. Thanks for your questions and comments. And I will see you tomorrow.