 Hello, Hector. Glad you're here. I'm just waiting on YouTube to start. 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 their 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. Excuse me, still have a cold. Risk disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel in Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market-maker hedging flow on price action. I have a two-step process for trading in the first is positional analysis, and 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, I will be talking about setups today and those setups can be taken either with shares, options, or futures. That's up to you, but the basis of my analysis is options, order flow and hedging flow, and again, whatever you trade, that's up to you and how you like to trade. And questions and comments are welcome, and I will be watching the options-dog chat channel in Discord and then the chat and YouTube as well for your questions and comments. So Grasshopper pointed out, had a great discussion this morning regarding a potential divergence in the S&P 500, and I will talk about that today. So my agenda for today, what I want to talk about, quickly go over news items, wrap up the week, and then talk about just a couple of things coming up next week, and then I'll go through my positional analysis, and then I'm just going to highlight a few setups, and then we'll go to the current market. All right, so first of all, news items to wrap up the week. Consumer sentiment came out at 10 a.m. Eastern time, and that was right around here, and this is the S&P 500 futures, ES futures, and this is the 10 a.m. date of the consumer sentiment. Came in lower than expected, I believe. The site that I use for financial news data was down today, but I believe it was lower than expected. And anyway, it appears to the market whatever it was, the market had a negative reaction to that, and price moved lower pretty sharply. It was already slightly lower, and then it continued lower after that. All right, next week, upcoming items, VIX expiration on Wednesday the 17th, and then monthly options expiration on Friday the 19th. All right, let's talk about positional analysis now, and I will get back to this chart in just a moment. I'm going to start with an S&P 500 SPX chart. So this is SPX, and this is starting with the month of April, beginning at the month of April, when market makers' gamma position shifted to positive. So SPX has been trading in a pretty tight range since then, from about 40.50 up to 41.86. So pretty narrow range for SPX since then, since the beginning of April, when market makers' position on the gamma curves shifted to positive. All right, this chart is showing several levels from different sources. First of all, this purple line, dash purple line, is showing the lower and upper edge of the expected move for the week. That's based on the options market, and that is updated once a week. I update that once a week, and then the dash blue line is showing the upper and lower edge of the expected move for the day. And that, so far, we'll see in just a minute at a smaller time frame chart that the lower edge of the expected move for the day did hold pretty well today. And it held yesterday as well. And that is for SPX. And then also, this chart is showing key spot gamma levels. These are provided to spot gamma subscribers for a variety of platforms. And again, this is thinkorswim showing the put wall at 4,000. That's the strike with the largest net negative gamma that can be expected to act as support. And that is also the absolute gamma strike, the strike with the largest absolute gamma. Here's the volatility trigger at 4,110. And that is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, they have to trade with price to hedge their delta exposure. And we'll see that more closely when we look at the Vana model in just a couple of minutes. And then above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure. So that tends to subdue volatility in a positive gamma environment and enhance or increase volatility in a negative gamma environment. And then finally, here's the call wall at 4,200. That's the strike with the largest net positive gamma. And that can be expected to act as resistance. All right, so that is SPX in a about a one month chart. Now let's take a look at just today, just SPX for today. So this is showing the levels that are in play for today. First of all, here's the lower edge of the expected move for the day. And this is based on the closing price yesterday as well as the information, the expected range at the close yesterday. And other levels that are in play. Here's the volatility trigger, the zero gamma level, and then the SPX 4,100 level that was noted as support in the SPOT gamma AM founders note. All right, let's take a look at the book map chart now. So the levels in play, I'm showing two columns of levels here. And the first, these are SPOT gamma cloud notes provided to SPOT gamma subscribers again for a variety of platforms. And these are provided in the form of cloud notes. And it looks like SPOT gamma is showing there is a difference between the price of ES and the price of SPX. So these numbers are in terms of SPX. SPX numbers converted to an equivalent ES number. It looks like SPOT gamma was using 13 points today. And I calculated this morning my think script was showing it was 13.5 points. So there is my 4,100 level. Right there. And then Razor asked, do you calculate the lower and upper edge, the expected move for the day? And yes, I do. So what I do is, let's go take a look. I'll show you in just a minute. Let me finish up with this chart and then I'll show you how I calculate that. It's very easy. These are levels shown on my cloud notes. And again, I calculated a slight difference in the ES to SPX difference than SPOT gamma. 13.5 points versus 13. All right, so there's the 4,100 level, the zero gamma level, and also the 4,110 volatility trigger. And as Razor points out, there's the lower edge, the expected move for the day. And then I'm also showing key SPI levels. So here is the SPI 412 absolute gamma strike. And note that level did act as support briefly this morning and then acted as resistance. Let me just make an adjustment to this chart. Make it a little bit easier to see. I'm going to tone down the heat map and bump up the volume dots just a little bit. So there is the, again, the SPI 412 absolute gamma strike acting as support briefly and as resistance. So all of these levels are in play for today. So I have SPI levels, SPX levels, as well as the lower and upper edge, the expected move for the day. And this is for SPX converted to an equivalent ES number. And it was pretty close to the lower and upper edge, the expected move for ES as well. All right, so those are the levels that are in play for the S&P 500. And let's go answer Razor's question. So this is an option chain for SPX. And this may be difficult to see what I look at. So we know that SPX has options that expire every day. So right now this 12th May, that's expiring today. And then at the end of the day today, I will take a look at 15 May. That's the Monday expiration. And look at this number right here. And right now that is showing a range of plus or minus 35.27 points. And there are other ways to calculate this as well, but this is the quick and easy way just to use this information in an options chain. And I think most options chains should provide this information. So at the close, I'll take the closing price today of SPX and look at this number and add it and subtract it to SPX, the closing price to get the upper and lower edge of the expected move for the day on Monday. All right, so Hector, I ask, are you familiar with Ludwig levels? I don't think they are shown on Spot Gamma. Are those the levels that Scott Posina uses? At any rate, I don't even look at them or think about them. I've shown you all the levels that I look at. And the levels that I look at are all based on either round number levels or the options market. And that is what I have found gives me the greatest clarity and I think these levels are important and they have a factual basis that is well known. I know exactly what these levels are. I can go into Spot Gamma and we'll do that in just a minute and see exactly where these levels are. Spot Gamma levels are based on gamma weighted open interest and there's no secret there, no secret sauce, no one person generating these levels. These are obvious factual levels. Not to criticize Ludwig levels, but this is something that makes sense to me. Okay, let's move on now. So that is the S&P 500. And let's take a look at NASDAQ now. So NASDAQ, the levels that are in play for today. Again, the same thing here. And before I dig into this chart, I'm going to take a look at QQQ. Let me find the right chart. All right, so this is QQQ, showing just price and Spot Gamma levels. And this is a one-day, one-minute chart showing the levels that are in play for today. And note this 327 and also this Combo L5 level acted as resistance this morning as well as VWAP. Price chopped around the 325, large gamma 2 level for a while and now is trading below the volatility trigger. And the levels on my NASDAQ chart, first of all the Spot Gamma levels, provided for NDX and also these are Combo levels combining QQQ and NDX. Now what Spot Gamma is doing is using the same point difference for NQ minus NDX that they are using for the ES minus SPX and that's not right. The point difference that I calculated today for the difference between NQ and NDX is about 57 points versus 13.5 for ES minus SPX. So anyway, this is the NASDAQ 100 futures, NQ futures. And here I'm showing levels closer to the correct price on my cloud notes. So I've got the Combo levels, QQQ levels. There's the 327 that acted as resistance this morning. And here's the lower edge, the expected move. This is for NQ. Alright, so the levels in play and then there's the chop around the 325 level that finally acted as resistance. Alright, so that's NASDAQ and S&P 500 levels that are in play. There were a few shifts in levels and while we're talking about those shifts in levels I'm going to go take a look at the absolute gamma levels. We'll start with SPX. So for SPX, the only shifts in levels was the shift lower and the volatility triggered slightly from 4115 to 4110. Otherwise all levels remain the same. There's the 4000 put wall and also the absolute gamma strike. What this chart is showing, the orange bars are showing positive gamma or a call gamma above the zero line. Those are the orange bars and the blue bars are showing put gamma or negative gamma below the zero line. These are the market makers positions at those strikes. So there's the 4000 absolute gamma strike as well as the put wall. Note the large amount of gamma at the 4100 level and the 4150. There was a question in the Spot Gamma Discord earlier today about how options are trading, SPX options are trading specifically the volume today and volume today was the highest at the 4150 call that expires today and also at the 4100 put that expires today. So that's how options traders were trading. Puts at the 4100 level that expire today and calls at the 4150 level that expire today. And then here's the 4200 call wall that's the strike with the largest net positive gamma and that can be expected to act as resistance. Let's take a look at SPI I'm going to zoom in on this chart. So for SPI, there was only one minor shift in levels as well. The volatility trigger shifted lower from 413 yesterday to 411 today. Otherwise, 400 remains the put wall and the absolute gamma strike remains at 412 and that's pretty obvious the strike with the largest absolute gamma and then the call wall remains at 420. So there's the ceiling for SPI and the floor, 400 the floor, 420 the ceiling. I'm going to do a refresh. I'm going to take a look at NDX just quickly and really this chart is not it's different than it has been in the last few days. The call wall and the absolute gamma strike are at 12975 not shown on this chart and then the volatility trigger for NDX did move higher to 12,890 and that is also not shown on this chart. And then finally, we'll take a look at QQQ zoom in a bit here. So for QQQ there was only one shift and the put wall shifted lower from 315 yesterday to 310 today. So there's the put wall the strike with the largest net negative gamma at 310 and then the absolute gamma strike remains at 320 and then there's the call wall the strike with the largest net positive gamma remains at 330. So there's the ceiling and the floor for QQQ. Alright, let's take a look at one other thing on this chart. Let me just do a refresh here. Hello, JEC. Glad you're here. Good to see you in the live session. This is the Vana model and this is showing how market makers delta notional shown on the vertical axis changes with changes in price shown on the horizontal axis. There are two curves on this chart. The first is showing how market makers delta notional changes with changes in price only. So what this is showing is as price increases market makers delta notional will increase and they will have to sell futures to hedge their delta exposure and that's typical of a positive gamma environment and that's what I was talking about before. Alright, then on the other hand if price decreases market makers delta notional will increase and they will have to sell futures as price decreases. That's typical of a negative gamma environment and that tends to enhance volatility. Now the second curve on this chart the pink curve adds implied volatility to the equation and this is really what you want to look at. So this is showing as price increases market makers will have less delta notional to hedge and then on the other hand if price decreases they will have more delta notional to hedge. So let's see where SBX is trading right now and I see it at about $4102 right there where I'm where this vertical line where I'm holding my cursor. So what this is showing is if price increases from that level market makers can actually buy back short hedges so that may be a tailwind to price may help boost price. On the other hand if price decreases and implied volatility increases they will have to sell futures to hedge their delta exposure. Alright, that's the Venom model that gives us an idea of how market makers were positioned at the beginning of the day and how they may react with changes in price and changes in implied volatility. Alright, let's take a look at one other piece of data and this is the what I want to take a look at is the spot gamma index and this is for SBX, SPI, NDX and QQQ and this number is a proprietary measurement of the total amount of market gamma market makers gamma and what this is showing is for SPX gamma notional is positive so positive gamma market makers trading against price to hedge their delta exposure tends to subdue volatility and SPI is slightly negative and then for the NASDAQ these numbers are slightly positive. Alright, so that's how market makers were positioned at the beginning of the day Alright, so let's talk about some setups, so I'm going to highlight setups from the morning for just a couple of minutes and then we'll take a look at the current market. Alright, so first of all let's take a look at spot gamma hero and this is for the S&P 500 and this is a combined signal for SPX, SPI, XSP which is not significant and ES futures and notice it is definitely bearish today so this, I'm looking at this total number here that's minus 2.5 actually 2.85 billion so that's a pretty significant number definitely negative traders are taking negative delta positions what this chart is showing if you have not seen this before this is minus price and this is in terms of SPX the spot price and then this is showing options trades for all these instruments and then the market maker hedging activity and let's zoom in on this just a little bit so one thing that one thing that Grasshopper saw this morning was what appeared to be a divergence and he asked about that discord and I told him, well first of all let's look at ES futures and confirm with order flow before you take any position as well as a potential reversal level but I think the key to this was to separate out puts and calls and let's zoom that up I can't, let's see one that so this is about when I posted a screen shot this is about 1130 and this is showing traders are buying calls shown by this rising orange line they're also buying puts and this chart is showing notional value minus 1.5 billion versus positive 843 million put buyers a winning this notional value is still negative and even when we look at the total signal it's still negative even though it is rising there so what appeared to be a potential divergence if you take a closer look at it was not in fact a divergence signal and then this also and I posted this as well appeared to be a divergence as SPX ES approached the lower edge the expected move for the day as well as the 4100 level but that did not play out either this is definitely a bearish day alright so let's go take a look at just take a look at the individual components of this so SPX and that's negative minus 845 million so that's SPX the next is SPI minus 109 billion and then S&P 500 futures minus 1.17 billion so this was recently added to the total signal and you can see here it's adding a significant component to this total so traders are taking negative delta positions in SPX, SPI and ES futures so let's go back to the total signal now zoom in on this chart just go to the cash open here so the cash open is right on the left edge there at 9.30 let's separate outputs and calls and again this is clearly showing that clearly showing that put buyers are winning and Hector asks is it possible to scan for hero divergences or do we have to be looking at the chart and you have to be looking at the chart so the hero chart takes some time and experience to interpret and I'm not looking at this in a vacuum I'm looking at order flow book map as well and sometimes with this SP500 especially there are a lot of ways of looking at this looking at the individual components looking at zero expiration versus all trades I'm looking at and changing the time frame as well the rolling window so this is the default all trades so this is all expirations and also looking at the one day rolling window period and all I've done to this to change from the default is separate outputs and calls and you can just look at the lines and clearly see that put buyers are in charge prices responding very well to puts and also just check these numbers so call buyers 344 million versus minus 3.5 billion for put buyers put buyers are definitely winning alright so let's go take a look at ES now go back to ES so clearly trading from the short side today was the way to go any you know just taking any opportunity for a short any pullback as traders continue to buy wrong tool as traders options traders continue to buy puts and just watch the order flow see all the aggressive sellers there aggressive sellers aggressive sellers I'm looking at the pink volume dots and there was a bit of a head fake here is price approach the lower edge the expected move for the day that dash blue line as well as the 4100 level both potential support levels and larger traders were coming in with iceberg orders note the rising light blue line showing that traders were trying to buy this move as price moved lower and it did not work out notice now this large as price moved up this large trader comes in with large iceberg order notice the vertical drop and the light blue line there and JEC points out yeah there's a confluence there so far the bearish trade is just too strong but there is a cluster of levels there from the 4100 SPX 4100 lower edge the expected move that I have at around I think around 4111 13 something like that and then also there's the wrong tool there's the zero gamma level the spy 410 level as well as the 4110 volatility trigger and this may definitely slow down price but so far order flow remains bearish so this what appeared to be what appeared to be support here initially this lower edge of the expected move for the day what appeared to be support notice the shift in order flow all the green volume dots market buy orders aggressive buyers did not last long and this large iceberg order executes 2,785 contracts executed and then the aggressive sellers start to come in so this turned out to be just a another pullback in a downtrend alright so Hector asked what is the size of an iceberg order you consider relevant I don't have a threshold it depends on the context some day when volume is light a smaller number can move the market and other days like today a larger number can move the market so at any time 2,785 is significant that is a large iceberg order I would say in general anything over 500 is certainly significant but I don't have any set threshold I think it depends again on the context on the day and the volume alright so that is the S&P 500 and so far I don't see any reason at all to go long alright let's take a look at NASDAQ and then I do want to point out a couple of stock setups this morning that were based on a call gamma unwind and that's what I look at for stocks every Friday alright so let's take a look at the NASDAQ now again short setups it's working pretty similar chart to the S&P 500 one thing to note is the falling yellow line and you can look at the numbers here that sell stop orders were helping to fuel this move lower all the way down that show by the falling yellow line and the sub chart and red dots these are sell stop orders and these are pretty big numbers for NASDAQ and that is most likely because I am zoomed way out alright let's take a look at HERO let's see what options traders were doing for NASDAQ let's go back to HERO and we're going to take a look at the NASDAQ total signal and just to point out this is combining it will combine let's go take a look at the chart so we'll take a look at NASDAQ and this is clearly clearly bearish throughout the day clearly trending down and this is combining NDX and QQQ and the one again combined signal and you can just see the numbers there and QQQ is index NDX is pretty small compared to QQQ but it does have a contribution so for S&P 500 I typically look at the combined signal and the same for NASDAQ so let's zoom in on this let's separate outputs and calls and here's the same story even more more significant traders are buying puts and that number is minus 934 936 million versus the call buyers at 2.39 million so that's why the total line is just sloping straight down and clearly put buyers are in control here let's go back and take a look at book map so I certainly played NASDAQ from the short side today there were plenty of opportunities for entries again just looking for pull backs shift in order flow from bullish to bearish just watch for the pink dots there's the move lower at the 325 strike and another head fake at the lower edge the expected move as larger traders attempted to buy this with iceberg orders notice the rising light blue line also rising CVD that didn't last long that turned out to be just another another pullback for a short giving you a good opportunity for a short as traders continued to buy NASDAQ puts alright let's take a look for just a moment at some stocks and then we'll get back to the S&P 500 and NASDAQ so I want to take a look at a couple stocks first of all let me set the stage for what I want to take a look at and this is something that for those of you subscribed to spot gamma may want to take a look at every Friday so this is my watch list and I have sorted this by next expiry gamma percent and then I will look at the top gamma expiry so this is showing and I'm going to ignore VIX and then I'm going to look at stocks that typically have greater than 30% gamma expiring or close to that now this is a weekly expiration we'll take a look at this again next Friday this is a monthly expiration but we know that large cap tech stocks have been very strong this week traders have been buying calls and those calls they're buying expire today and when traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure and then as expiration approaches those calls start to lose value due to time decay and they can sell delta with a change in time as time passes and so those calls start to lose value market makers delta notional decreases and they can sell their long stock edges and that is a great pretty consistent setup you just have to watch price action and also watch hero to confirm that if traders are aggressively buying calls today then that won't work but today it led to some good setups and I'm going to highlight a few so the first is Nvidia so we see that next gamma expiry is over 30% and that is today and then also there's some call domination above the 2.90 strike so we know that traders are long calls market makers are short calls they're long stock to hedge these calls are expiring so now let's take a look at hero and we'll take a look at Nvidia so there's Nvidia bearish hedging flow note the put wall at 285 in play and that's also the hedge wall so let's go take a look at book map now take a look at Nvidia so we know 282 is the put wall and the hedge wall and that was the first target first short this morning Nvidia was great short and you could have planned that in advance just you know that you know understanding that call gamma unwind that can happen every Friday especially in a strong market where traders have been buying calls all week and we know that those calls are expiring today a good amount of them so there's the setup in Nvidia nice short setup and a well you know I guess a well understood well defined strategy alright the next is netflix I don't have that on book map here so we'll just take a look at the hero chart for netflix so let's go back and we'll take a look at our watch list in equity hub for netflix and this is showing again over 30% gamma expiring today 31.61% call domination above the three let's see what strike that is 45 strike so let's take a look at hero and we'll see what netflix is doing so they're buying puts and selling calls alright thank you JC JC posted a book map chart of netflix showing a down trend in netflix and heroes showing that traders are selling calls and buying puts definitely bearish hedging flow and we have the kicker of those calls expiring and market makers are selling their stock edges alright so that's netflix and then let's take a look at the next stock on the list AMD that was not so much that when I looked earlier not so much of a setup you know not every stock works and let's go back and take a look at tesla continue on take a look at tesla so tesla and here just below the 30% threshold 26.85% and also there was I think some news this morning about tesla that he Elon musk had appointed a new CEO for twitter and I think initially pre-market that was uh taken as bullish traders were initially like that news let's go take a look at tesla and hero and that did not last long so note the levels that are in play for tesla here 175 call wall also notice this note about a where was that oh here these are alerts in the spy gamma dashboard there's the tesla call wall breached at 701 am so before the market opened traders were buying tesla shares breached the call wall now let's go take a look at book map so here is the call wall breach at around 7 am the party didn't last long as options traders started fading that move taking negative delta positions and price moved lower again as those call started to lose value and market makers could sell their stock edges and then price dropped below that 175 call wall and made it almost to the 167 liquidity and now it looks like prices dropping around the 168 level alright so those are the stock those are the setups that I wanted to highlight and let's go back and take a look at the index s&p 500 and nasdaq now so the s&p 500 now may have found support at the 4100 level let's go take a look at hero and see what options traders are doing alright so hector asked on stocks what kind of options do you enter hector I did not trade options today I typically trade shares or futures now if I had known that the s&p 500 or nasdaq were going to drop this much and I did not know that I would have bought puts and I'm more inclined to buy a put than buying call so because of the the increase in implied volatility but that's just me I was trained as an options seller a premium seller and it's just hard for me to buy a call so I was trading trading shares and futures today alright so RJ asked Doug you used yesterday's closed for the low expected move today and is there a reason that you did that versus the open or do you track both and I just did it because I was getting I had time yesterday well really didn't have time but I just wanted to get it done so I was as prepared as possible and for the morning so there's only there's certain things that I have to do in the morning the information that spot gamma provides is based on a lot of it based on open interest which is only available at overnight so the I know the expected move was available at the close yesterday so I just calculated that number added it to my charts and that was it and I think I'm just going to continue to do that and Hector asked what scenarios you go for zero DTE so again I am my reaction is to trade shares or futures I'm just not in the frame of mind to trade options yet I mean that's something that I would like I just you know again today would have been a good day to trade options and I think JEC may be doing more that maybe he's in the frame of mind I mean there are advantages of it to that of you define their defined risk you don't have to worry about a stop order you just buy a put today and let it play out for the day and you be willing to take a loss or an asymmetrical gain that you would would gain today so it's something that I'm working on again if I'd known this move would have was going to be this large I would have certainly bought a put today I just didn't know and especially today was starting today market makers position was positive so in that case I'm thinking more range day lower volatility and that's actually what spot gamma was calling for today let's go to the this is the spot gamma am founders note so they're saying today so for today we anticipate volatility to remain muted and price action looks similar to that of the last several sessions so yesterday I believe was a range day so I'm not with that in mind I'm not thinking buy I'm not thinking buy options and so RJ says so spot gamma is wrong I mean everybody can has their days so you know maybe somebody had a better read on it than I did but I was again using that just using the numbers as my basis I was not thinking this is more typical this larger trading range more typical of a negative gamma environment but you know watching I did trade from the short side today and had a good day I just did not trade zero DTE options that's just typically not my frame of mind and keep in mind that generally buying an option is a low probability trade you have less than 50% chance of of making money and I again I don't know if there was any tell that today was a trend day I gonna be a trend down like this maybe it was the reaction to the consumer sentiment I don't know and I also managed some long term trades today I bought back some short calls so overall good day today again I traded NASDAQ from the short side and then bought back short calls in the S&P 500 let's take one last look at the at the indices then we'll call it a day so first of all here's the S&P 500 let's zoom in on so so far according to the options market really no reason to go long so uncle asks if you zoom in on book map they flip the book around 225 alright so let's go take a look at book map so this may be what what uncle is talking about and typically I don't look this close so I'm looking more at levels and price action and this may be something that Bruce has much more expertise on than me I'm looking at and talking about a much larger time frame then zoomed in zooming in on on action like that so that's something for Bruce so it looks like well traders were trying to try and get long immediately greeted by sellers so I again I see no reason to get long here and I had a good day from the short side and RJ comments on IV has it has not expanded that much let's just take a look at VIX if I can find my VIX chart so it looks like VIX is up just 0.67 maybe just a little bit less than 4% we'll zoom in on today so JEC comments on VIX one day let's take a look at that and I would expect much more so that makes a lot more sense of course the VIX is primarily looking at 30 day options 30 days out and we know that the bulk of the volume I mentioned earlier in SBX puts and calls was today the 12th May and note this is up and this is I'm sure you can't read this VIX one day is up about over 13% today so Brinn at Spot Gamma has talked about this for some time that traders are focused in the short term they're focused on 0 DTE they're putting off any concerns about debt ceiling or anything else that may be coming out and that's tomorrow that doesn't matter they're trading today and what they're trading today is reflected in this VIX one day so for day trading this really does make more make more sense so when you look at it in this terms yes there is a pretty significant expansion in volatility for the day thank you JEC for pointing that out let's take a look at Nasdaq so S&P 500 order flows still bearish iceberg stops CBD all bearish price chopping around this potential support levels let's take a look at Nasdaq so it looks like larger traders are trying to get long with iceberg orders but the sell stop orders are still dominating shown by the following yellow line as well as the numbers over here these accumulative numbers for the session alright let me take a final look at questions so YouTube has been quiet today great discussion and discord today I want to thank you thanks to Hector RJ JEC uncle thank you for your chat here and JEC I agree from an options perspective all is your most important indicator so we can confirm that let's go to Nasdaq now go to Nasdaq look at hero we see that traders continue to buy puts far dominating call buyers so 1.03 billion negative versus 19.1 million put buyers are definitely winning today and let's see what they're doing go to the total signal add in next expiration zoom this out so it is some next expiration but it's also the total signal really dominating this is all expirations turn that off and JEC again glad you're here it's your commentary really adds a lot to the presentation alright folks I need to wrap it up great discussion again and discord uncle or RJ JEC Hector thanks again and I'm going to go ahead and wrap it up I see no reason to go long now it's been a great day from the short side everyone thanks again for your comments questions and comments thanks for watching and I will see you next week have a great weekend everyone bye