 Hello everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm 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, creating futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Pass 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 option stash 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. And note that Bookmap Discord is free and available to everyone whether you have a Bookmap subscription or not. There's a lot of great content there, a lot of very good traders trying to help each other get better. So everyone is welcome to join us on Bookmap Discord. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. The focus of my presentation today and the focus of the options stash 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 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 the 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 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 setups in that asset can be taken any number of ways. For example, the S&E 500 setups can be taken with 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 dash Doug chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. All right, let's get started. Here's my agenda for today, Wednesday, January 10th. First of all, I want to go over news items, economic data and events for the rest of the week. There is nothing today, at least nothing that appeared on my calendar. And then I'll go through my positional analysis from today. Then I'll review some setups from earlier today. And then I'll talk about the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's move on to positional. Let's start with economic data and events first. All right, so there are a couple of key economic data releases later this week, starting Thursday with CPI data coming out at 8.30 a.m. Eastern time. Also, jobless claims 8.30 a.m. Eastern time. And then PPI data comes out at 8.30 on Friday. So CPI on Thursday, PPI on Friday, both could be market movers. And there have been a few Fed speakers during the week. Also, bank earnings begin on Friday, Friday morning. All right, so overall pretty light week for economic data with the two key events on Thursday and Friday. All right, now let's get on to positional analysis. And I'm going to start with ESV500. This is the ES futures and book map. And before I take a closer look at this chart, I do want to take a look at a larger time frame. I'm going to take a look at the underlying index, which is SPX. This is again the underlying index for the SB500. And this current rally began October 30th. And the SB500 rallied for a variety of reasons. IV collapse, put Vanna rally, and dovish FOMC, lower than expected inflation reports, all leading up to this rally to the end of the year, December 28th. The SPX found resistance just below 4800. Now it appears to be recovering after the first week. In January it was somewhat weak, maybe profit taking. All right, WRB says 10 year auction record bid to cover today, the highest I have ever seen. Maybe that was, there was a drop. So we'll take a look at that. A drop in the SB500 and NASDAQ, I believe. All right, so that is a one day chart. This is thinkorswim, a one day chart for SPX. Now let's zoom in a little bit. And yeah, this must be the, what WRB is referring to, that must have been just after 1pm Eastern time. All right, let's take a look now on a one hour chart. So this is the upper portion of the rally that I showed in the one day chart. Here's the resistance just below 4800 at the end of the year. That was on Thursday, December 28th. And then this Monday, this massive rally has recovered. It looks like most of the, if not all of the losses in the SPX, the beginning of the first week of January. All right, let me point out the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. I update this once a week. Looks like SPX is trading above the upper weekly expected move. Then the dash blue lines are showing the lower and upper daily expected move. Looks like SPX has been close to that level earlier today. And is trading within that range. We'll take a closer look in just a minute. And that is updated once a day. And that is also based on the options market. All right, the dark red lines are showing spot gamma levels. These are proprietary spot gamma levels based on gamma weighted open interest. These levels are provided to spot gamma subscribers for showing on a variety of trading platforms. Again, this is thinkorswim. And I'm going to point out the key daily levels. So first of all, the put wall is at 4,600. That's a strike with largest net negative gamma that can be expected to act as support. The next level up is the volatility trigger at 4,745. That is spot gamma's proprietary volatility and 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 that tends to subdue or decrease, enhance or increase volatility. So that's in a negative gamma environment. On the other hand, above that level, like SBX is trading now, 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. And that tends to subdue or decrease volatility. So below that level, market makers are trading with price. Above that level, market makers are trading against price. And then finally, 4,800 is the call wall. That's a strike with largest net positive gamma that can be expected to act as resistance. That's also the absolute gamma strike. That's a strike with largest absolute positive negative gamma. We'll take a closer look at that in just a few minutes. And note as price approaches that level and also the January expiration approaches, the gamma at that level will increase. So that level becomes more and more important if price continues to move higher as expiration, January expiration on January 19th approaches. And that that level could tend to act as a magnet for price. Alright, so 4,800 the potential ceiling for price 4,600 the potential floor and the gamma flip level at 4,745 note, there were no changes in levels for SPX. They all remain the same from yesterday. No changes. And that the same goes for spy. There were no changes in and the key daily levels for spy as well. Then finally, let's take a look at a one day chart. I'm sorry, a one minute chart, just so we can get a closer look at the level center in play for today. And I'm actually showing just around three hour three days worth of data here in this one minute chart. And what I wanted to show was that the SPX this is the high of the day on Monday after that huge rally that proved to be resistance yesterday and now support today. So SPX has now recovered and moving higher than the high of the day on Monday. And it looks like towards this combo l two level at 4776 the combo levels combined spy and SPX gamma weighted open interest into one level here converted to an equivalent SPX price. So note also that SPX is above the upper weekly expected move and has not quite made it to the upper daily expected move yet. Also trading above the volatility trigger. So on a positive gamma environment and gamma notional was positive at the beginning of the day as well. And if the rally continues, gamma notional will most likely shift to more positive tomorrow. Alright, let's take a look at book map now. Let me check for questions and trading for a living. Welcome. Glad you're here. And you're welcome for the live stream. I'm glad to do it. Hope it helps everyone and demo trader. Hello. Welcome. Glad you're here. It's afternoon for me. Alright, this is the SAP 500 futures ES futures and book map. And book map, I have my own cloud notes. So I can show I can show SPX levels and I don't quite see that combo level that I was looking at in the chart just a moment ago. Let's see if that's just above. Yeah, there it is. Alright, so here's that combo level, the 4776. So I'm showing SPX levels. This is a level that was noted as resistance in the spot gamma am founders note that is SPX 4773. I'm also showing spy levels on this chart. There's the spy 475 absolute gamma strike. And here's the spy 474 large gamma three level that acted as support earlier today in this down move and also a good launching point for a long just at the cash open. And then I'm also showing key ES levels. There's the upper weekly expected move. And this is the upper daily expected move for ES. So I have one column of cloud notes. I'm showing all these key levels. Alright, now there is a difference in price between ES and SPX. And today it is around 37. And that's what I'm using. So ES minus SPX is 37 points. So I'm showing this 4761 at ES 4797 98 I'm sorry. So 37 4761 plus 374798 for ES. And I post the all the index relationships that I use every day in discord. Try to get that out by 10am at the latest. Alright, so those are the levels in play for today. The 474 being the key support earlier this morning. And the high of the day so far as the upper daily expected move and also this 4776 combo two level. Alright, so that is the SB 500. Again, there were no shifts in levels. So fairly neutral initial thesis for the SB 500 today. Alright, let's take a look at NASDAQ now. So here are the NQ futures and book map. Another strong rally in NASDAQ today after a brief drop down move lower pretty similar to the SME 500 just right around 10am leading to a great long reversal. Just after 10am. We'll talk more about that in a few minutes. So let's take a look at the levels in play for today. And first of all, I want to take a look at a QQQ chart. So here are the levels in play for QQQ note this combo to L2 level acted as resistance earlier today. Some consolidation around that level. And now QQQ is trading higher, maybe finding resistance at 408. Alright, slow down and crash F16. I'll get to both of your questions in just a moment. Alright, so let's take a look at NDX. So this is the NDX trading really looks like kind of a continuation of the rally yesterday. And just like SPX, it is trading above the Monday high now. Also trading above the 16,650 call wall absolute gamma strike. Alright, let's go back to NQ now. And just like ES, I have my own cloud notes. So I can show so I can show first of all QQQ levels and NDX levels. There's that 650 absolute gamma strike call wall. And then also key levels for NQ upper daily expected move acting as resistance earlier today. And then the big round numbers the the 50s and the zeros for NQ. So NQ finding resistance at the upper daily expected move. And again, I'll talk about setups in a few minutes. Ida, you're welcome. And welcome glad you're here. Alright, let me get to crash F16 your question first ask Doug. If the ES has its own gamma levels, why do you put the SPX levels in the C level column? Alright, so the reason I do that is SPX is the underlying index for the SB 500. And spy is just a different version of that. So the underlying index when when traders buy and sell options in SPX and spy, market makers hedge those options trades with ES futures. So that is kind of the the entire basis of what I'm doing here. And looking at that options market in SPX and spy, the underlying index ES is just a derivative of SPX. So again, SPX is the underlying index. That's why I spend so much time looking at it, looking at those levels. And this is how I look at the SB 500 in terms of the key levels spot gamma levels for the underlying index products, SPX and spy. Alright, so the gamma levels on ES ES really doesn't have its own gamma levels. The gamma levels are based on SPX and spy. So I hope that answers your question. And the upper daily expected move. Let me show that real quick. So the way I get that is I go to an options chain and at the close so at SPX closes at 415 p.m. Eastern Time. So at the close, I will take this number right here. This is the thinkorswim options chain for SPX. I will take that number the one on the right plus or minus. Right now it's 34.57. And I expected that to be a little bit elevated because the CPI data tomorrow. So today the expected move for SPX was plus or minus 21. And I expect that to be higher tomorrow because of the CPI data report. So I wait until 415 at the close. So I take the closing price for SPX. And then I will subtract that and add that number whatever it is at the close to the closing price for SPX to come up with the lower and upper daily expected move. And then I do the same thing at the end of the week for the weekly expected move. Alright, so crash, I hope that answers your questions. Alright, let's take a look at. Alright, great, you're welcome. Alright, so now let's take a look at finish up the positional analysis, the and then we'll take a look at setups. Alright, so first thing I want to take a look at is gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. So this is the data table at the end of the spot. Yeah, I am founder's note. And I want to focus on gamma notional here. This is market makers position on the gamma curve at the beginning of the day for SPX are the SP 500 NASDAQ and Russell 2000. And note with the exception of IWM all these numbers are positive. This indicates that in this position, what's my gamma assumes for an index is that traders are short calls, market makers are long calls, hence the positive gamma environment, and they have to trade against price to hedge their delta exposure. And note these numbers, although positive for the SB 500, did shift lower, still positive and pretty much neutral for spy. And then for NASDAQ, the numbers actually shifted higher. And then for the Russell 2000, the numbers shifted lower. So kind of a mixed picture for for gamma notional. And let's take a look. I do want to take a look at a couple things here. First, let's since we're on SPX, I want to go to this absolute gamma. This is the SPX absolute gamma chart. Let's go back. Sorry about that. All right. Looks like now you have to use these sliders to zoom in. Okay, all right, so here we go. So this is absolute gamma for the SPX. The orange bars are called gamma positive gamma, blue bars, put gamma or negative gamma. And what I want to focus on here is the 4800 strike that is the absolute gamma strike as well as the call wall. And just focus on the amount of gamma at this level in relation to the other levels. And as price approaches 4800 as I mentioned before, the gamma will increase gamma increases as price is at closer to the money and is expiration approaches. So gamma is greatest at the money at expiration. So that level could act as a magnet for price. If price continues to move higher and expiration approaches. Alright, then slow down asked, you know, a spot gamma has a way to filter anything like this to see only zero DTE gamma. Yeah, I believe so, just click on next expiration right here. So for the SME 500, next expiration is zero DTE. Since SPX has options that expire every day at the end of the day. Alright, so here you go. Slow down. All you need to do is click on the next expiration. So this is showing right now a lot of gamma concentrated around 4750 4760. And then there's 4800. And then not much above that. Let's take a quick look at the Vana model. And let's see where SPX is trading now, right around 4774, somewhere between these two lines right at the bottom of the curve. Let's just take a quick look at spy. So that indicates there's really not much of a Vana tailwind or head headwind with price at the bottom of the Vana model. This chart is showing market makers delta notional on the vertical axis price on the horizontal axis. And there are two curves on this chart that like great curve shows how market makers delta notional may change with changes in price only. And then the purple curve adds implied volatility to the equation showing how market makers delta notional may change with changes in price and applied volatility. And that change in delta with the change in applied volatility is the Vana effect Vana is the second order Greek. That's the curve that we want to take a look at. So now we're on spy spy currently trading right around 475 476. Also at the bottom of the curve. So just briefly this is showing if price continues to move higher, market makers may need to sell futures to hedge their delta exposure since their delta exposure is increasing. And that will tend to subdue or decrease volatility. Alright, let's take a look at some setups down. Alright, the first thing that I want to do is take a look at options trades. So everything that we've looked at so far other than book map has been based on static data that's updated once a day sometime during the night spot gamma takes open interest data that is updated once a day. And they apply their own algorithms to that data to come up with the gamma weighted open interest and the levels that we've looked at the Vana model, the gamma curve, and also the key levels. Now we're going to take a look at real time data. So what this chart is showing is options trades in real time. It's hero, he I h i r o hedging impact real time options. This is available to spot gamma subscribers. What this particular chart is showing is price for SPX and the hero signal. When the hero signal is increasing, this indicate indicates that traders are taking positive delta positions, they're buying calls and or selling puts and market makers take the opposite side of those trades. And and these are options trades and spy SPX. We'll take a look at the combined signal in just a minute. And then market makers are hedging that with futures. So they want to they want to remain delta neutral. So when traders take positive delta positions, market makers take negative delta positions, and they have to buy ES futures to hedge their delta exposure. That's the most efficient way for them to hedge options trades in the SP 500. So the hero signal on this chart is showing a combined signal of options trades and market maker hedging activity for this combined signal of SPX by XSP and ES futures on the one combined signal. Alright, let's zoom in on this chart. And I really want to focus on one set up here. And this is just around somewhere between 10am and 1010. The the morning was pretty choppy. The hero signal up, then chop, and a little bit difficult to interpret. So today, for me, at least it made sense was paid off to wait until about 10am to look at trades. So this, especially if you missed this first flow alert, the flow alerts indicate significant options activity. And the next one comes in just right around 1010. As traders started taking positive delta positions, and price responded higher, and now really continues to move higher. Let's see what traders were doing. So this, these two lines are showing calls and puts. So the orange line rising orange line shows that traders were buying calls when traders buy calls, market makers sell the calls, and they have to buy ES futures to hedge their delta exposure. So really the key for today was to watch the call line. Traders buying calls, take their foot off the gas, then just right around 10.05 they put their foot on the gas again, start buying calls. Meanwhile, not doing much with puts. So net for the day, they are buying calls and buying puts puts shown again with the blue line negative notional value indicates traders are buying puts. And the rising orange line positive notional value indicates traders are buying calls and note the very large notional value for calls compared to puts call buyers definitely in charge today, driving price higher. Alright, let's go take a look at book map now. Go to ES, zoom in on this just a bit. So here's that reversal right around 10.05, 10.10, 10.05 as traders resume buying calls and reverse price reversed higher right at spy 474. Water flow was not as easy to read today as I thought it has been for the last couple days. And then there were a couple of pullbacks here just below VWAP. VWAP shown by the light blue line. And then price finally started moving higher. So you know, looking back in hindsight, this was the the best entry point for a long and then a secondary entry right around 1115 pullback to VWAP and this 4761 level. Alright, WRB says the 10 year auction was at 10am. Okay. Alright, so here's this maybe this is the reaction to the the 10 year auction. Just after 10am. Let me check for questions GH ask, is there any way to get the past record history of a stock and book map? Or do you have to save it? You have to save it. So with book map, you have the option every day to record live data. That creates a feed file. It's depending on how many instruments you have open that can be quite large. And I do that every day. I save my data. I open book map in the morning, I close it in the evening, restart my computer. So I have a feed file for every day, then I have book map open. And then I can use that in the for the replay feature of book map, which is which is great. A great way to practice with a or you know, back test or practice any setups that you want in book map. So there's no way to load historical data for stock other than I open book map somewhere between 630 and seven in the morning. And DX feed provides stock data, starting at 4am. Right, hope that answers your question. So a little bit difficult. For me, at least a little bit more difficult read today for order flow and hedging flow here in book map. But really the key was to look at the look of the call buyers and and hero here. Watch these alerts. There's that timely flow alert right around 1010, and then price moved higher. And there's the pullback opportunities. Alright, so it looked like this was going to be a reversal initially, but call buyers stepped right in again just a few minutes after that reversal lower. And now price continues higher. Alright, let's take a look at NASDAQ now. So here's NASDAQ. No, here's the. So what this signal is showing is price for NDX, and then a combined signal. Hero signal for QQQ and NDX. So this is also a combined signal. Alright, WRB says depends on what time you zone your end, but one hour ago. So so the, yeah, the bond auctions are typically at at 1pm Eastern time. Alright, so this is the NASDAQ signal. Here was the long entry just above the 650 call wall key gamma strike. And let's separate outputs and calls. So in this case, at that time, traders started buying calls and selling puts that shown by the rising orange line and blue line, when both lines are moving in the same direction, that's a very powerful directional indicator. Let's go back to the total signal. Alright, let's take a look at one other signal. This is the mag seven. Let me zoom out. So this is another combined signal. In this case, showing the options trades and market maker hedging activity for a combined signal of the stocks known as the magnificent seven that is Apple, Amazon, Google, Meta, Microsoft, Nvidia and Tesla. Zoom in and note the little bit of a leading indicator here, that the hero signal for the magnificent seven starts moving higher just before 10am. So a little bit of a lead there and continues to move higher. This is fairly new to spot gamma hero and is a great, great signal. I look at this every day. Alright, let's go back to book map. Go to NQ now. Zoom in. So to me, this was a bit of a little bit easier read than the SMB 500 today. Note a couple things first of all the volume dots here in book map. They show market buy minus sell magenta dots indicate more sellers than buyers, green volume dots indicate more buyers than sellers. Note also there were some large traders buying with iceberg orders that shown by the rising light blue line there. Also the on chart indicator, although that's not a very large number large traders were buying with iceberg orders they used to hide their size. So you can see that aggressive sellers came out on the way down. And then as price moves higher, as traders were taking positive delta positions in both NASDAQ and the magnificent seven stocks, aggressive buyers come in, start to move NASDAQ higher. Note the cumulative volume delta rising. That's the dark blue line. And then price makes a series of pullbacks giving you great entry opportunities. This is the price continuation pullback set up that shown in the book map learning center and the strategy section. Nice up trend, deep pullbacks, good entry points. As traders were taking positive delta positions in both NASDAQ, QQQ, NDX, and the mag seven stocks. And I'm looking at questions, GH ask, when you resize the 3d bubbles, the size grows? Does the growth include the smaller bubbles behind it? Or do they remain hidden? Because it's impossible because it is impossible to read accurate as smaller bubbles are hidden. So if I if I increase the size of the bubbles, then what what I believe book map is doing here is aggregating all that information into one larger bubble. So there is a there's a sweet spot. And it just depends on on your visual preference. You know, as I zoom in and out of the chart, I may need to resize the bubbles to see more clearly. So it's really up to your visual preference. Alright, so the strong rally after a brief dip at 1115 down to the point of control shown by the purple line prices now moving higher and higher. Let's go back and take a look at hero. So we know that CVD continues to rise aggressive buyers. You can just see all the green volume dots. Now NQ is above its upper daily expected move, heading towards 17,000. Let's go take a look at at hero. So the mag seven traders of buying calls and selling puts call buyers much more aggressive, really driving price, but both the blue line and the orange line moving in the same direction now. Again, that's a very powerful directional signal. And in NASDAQ, and the combined signal, call buyers definitely in charge, especially after about noon. What this is showing for the put line is showing that traders really weren't doing much with puts. And then there was a large block order that came in. Just after 1pm, that must have been with the the tenure bond auction, tenure note auction. And then now they are starting to sell puts again. So right now the blue line or an orange line moving in the same direction, moving higher, this very bullish traders buying calls and selling puts. Let's take a look at some stocks. First, I want to take a look at AMD. Let's go back to the total signal. So in the case of AMD, it was there was a bearish setup this morning. This is the 150 call wall key gamma strike. Sorry about that. That act is resistance earlier today. Alright, demo trader, thank you very much for clarifying my answer, providing more detail. Alright, GH just says just started watching book map learning center about a few weeks ago. Alright, so this is the hero signal for AMD. Let's go to book map, go to AMD. Here's the reversal in the morning at the 150 call wall key gamma strike. Now AMD trying to recover back to hero. So right around 10am 10 to 1010, just like NASDAQ hero signal reversed higher, traders started taking positive delta positions. And price started moving higher after that initial drop the resistance at the 150 call wall. Alright, the next I want to take a look at is Amazon. I'm going to separate outputs and calls and traders are buying calls in Amazon. When traders buy calls in a stock, market makers sell the calls, and they have to buy stock to hedge their adult exposure. That's a very powerful driver that can drive price higher. So call shown by the rising orange line. Note the timely flow alert there just after the open. Let's go take a look at book map. So strong rally here in Amazon as traders buy calls, market makers sell the calls, and they have to they have to buy stock to hedge their delta exposure. Alright, the next I want to take a look at is meta. Let's go to the hero signal. Take a look at meta. Very powerful rally today in meta. And unlike AMD, meta breached its call wall at 360 very early in the day. Call buyers definitely driving price, but traders are buying calls and selling puts. Call shown again by the orange line positive notion of value. We know they're selling puts because the positive notion of value there. So the both the blue line and orange line moving in the same direction. Also when this call walls breach, that's where most of the calls are concentrated. So as those calls remember trade for a stock, spot game assumes that traders along calls, market makers are short calls. And as those calls go deeper in the money, market makers have to continue to buy stock to hedge their delta exposure. So that can also help to drive price higher. So in this case, traders buying calls selling puts, and those calls that are at 360 going further in the money deeper in the money, the delta is becoming more negative. And market makers have to continue to buy stock to hedge their delta exposure. Let's go to book map. Looks like I need to add more lines to my chart here. It's such a powerful rally and meta. Right the next I want to take a look at Microsoft. Alright, if anyone has any stocks they want me to take a look at, please let me know. I'll be glad to do that powerful rally here in Microsoft. And the case of Microsoft 380 is the call wall. There were some congestion at that level, resistance, then acting as support and price moved higher. And let's go take a look at hero for Microsoft. Or here's Microsoft looks pretty pretty similar to meta. Traders buying calls and selling puts call buyers much more aggressive price moving higher. And here there was some congestion right around 380. And now price has breached that level found support at that level. And is moving higher support right there. And slow to Ross. He says they I assume analysts and are saying that Microsoft might overtake Apple and market cap become the most valuable company in the world that I think that's pretty highly likely. I haven't checked all the fundamental data but for Apple growth is definitely slowing down. Alright, let's take a look at one other thing. Back to the total signal, just to get more clarity on this call wall breach. I'm going to go to open up equity hub here. We'll take a look at meta. Go to this put and call impact chart. zoom in. So here's that call wall at at 360. This chart is showing call gamma with the orange bars. Put gamma with the blue bars. Remember for a stock, spot gamma assumes that traders along calls market makers are short calls. Hence here, the negative gamma notional for the orange bar and the positive gamma notional. Or the I'm sorry the positive gamma notional for calls and negative gamma notional for puts. So for a stock spot gamma assumes that traders along calls long calls and or long puts market makers are short both. So as these note the most of the call gamma concentrated between 350 and 360 as these calls go further in the money. Delta becomes more negative and market makers have to continue to buy stock to hedge their dealt hedge their delta exposure. One other thing one other takeaway from this chart is notice how this call line this rate of change of gamma for calls starts to level off somewhere around maybe 380 indicating market makers may be fully hedged at that point and will not have to hedge as aggressively. Alright, let's take a look and there were a couple of stock requests. Alright, CWR wants to look at Apple. So let's go back to the hero signal look at Apple. So after a slow start, there was a kind of a burst of options trades shown by this vertical line there. Let's see what traders are doing. So that was a large institutional order block order of calls. Timely flow alert. And now really Apple has taken off after launch. As traders continue to buy calls. Let's go take a look at book map. Go to Apple. Alright, so kind of a choppy morning in between 184 and 185 this morning and then finally, as traders start buying calls more aggressively, Apple finally starts to move up. Alright, Prime also wants to take a look at Tesla. Let's do that. Go to Tesla. Choppy day in Tesla. Let's see what options traders are doing to the total signal. So very close correlation between options trades, market maker hedging activity and price action. And note there were a couple of timely flow alerts. Good signals in this case for sorry about that for mean reverting price action. Not sure why it's doing that. Timely flow alerts in this case for indicating a good mean reverting entry point mean reverting signal there. Flow alert. Hero signal starts to reverse higher traders start taking positive delta positions. Trader and the price response higher. Another flow alert at the high traders start taking negative delta positions and price moves lower. So the long entry was right around 10 to 1015. The hero signal giving somewhat of a leading indicator, making a higher low before Tesla price moved higher. And that's right around 1015. And then reversal lower just after 11. Let's go take a look at the bookmap chart. Here's that reversal higher. As traders started taking positive delta positions. Then here's that reversal lower. So this long was good for about three points in Tesla today. All right, then Paul wants to look at Nvidia. So I think we covered just about all the most of the stocks here that I track that I watch Nvidia, all the mag seven plus Netflix and AMD large cap tech stocks. Another bullish day in Nvidia. Let's go take a look at at hero for Nvidia. Another timely flow alert mean reverting price signal price reverses higher. Just a few minutes later. Right around 945. This is a very typical pattern of aggressive options traders in the morning. And they take their foot off the gas. Sometime mid morning in this case right around 11. Hero signal for reverses lower. And then price moves lower or consolidates. Let's go back to bookmap. Zoom in. Note the series of higher lows, multiple entry points for long. As traders started taking positive delta positions. And remember at 11am traders, options traders took their foot off the gas. A lot of aggressive sellers come in. Note the resting liquidity at the order book typically higher at the zeros and the fives for high price stocks. These are limit sell orders. The heat map and book map is showing a history of the limit seller the limit orders in the order book. In this case above price, they were limit sell orders. And looks like all those orders were consumed and price started moving lower as options traders took their foot off the gas. And aggressive sellers came in showing by the shift from green volume dots to magenta volume dots. And then finally, WRB wants to look at Boeing. I don't have that a book map. We can go take a look in hero. See what options traders are doing. Let's go to Boeing. So initially, they were taking positive delta positions, took their foot off the gas, then started taking positive delta positions again, right around 10am, took their foot off gas started taking negative delta positions, price moved lower, showing a very strong correlation between options trades hedging activity and price action. And in Boeing, let's just see what they're doing. So net for the day, they have been buying calls. And that was a course higher earlier in the day, but the numbers still positive. Also selling puts shown by the positive notion of value for the blue line. Alright, Sodorasi says maybe upside is done on ESNQ. Let's see. So here's that 4800 level for SPX still up above. So still a little way to go to that to the really the potential upside at least for now. And it looks like the hero signal is leveling off options trader take take options trader taking their foot off the gas. And price is consolidating now. Let's take a look at NASDAQ. Kind of an odd dip in the hero signal here. But net just continues higher maybe consolidating now. Let's take a look at the mag seven also, so also slowing down. Alright, I'm way way over my time. I need to wrap it up at this point. I want to thank everyone for watching. Thank you very much for your questions and comments. I really enjoy these interactive sessions. Keep it up. Again, please ask questions, post stock suggestions. And I'm glad to help. Alright, remember also tomorrow morning, CPI data comes out at 830am Eastern time. And we'll talk about it tomorrow. Alright, thanks again, everyone. Have a great afternoon. And I will see you tomorrow. Bye