 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 involve 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 Options-Doug chat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter, and my name there is at Doug Plus. So again, the best way to get in touch with me is through Discord. My name there is Doug P. The focus of my presentation today and the focus of the Options-Doug chat channel is Options Order Flow, the impact of options markets on stocks and futures, and the influence of Market Maker hedging flow on price action. I have a two-step process for trading and the first is 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. The second step in my process is execution. I look at real-time motor flow in Bookmap and real-time market maker hedging flow in Spot Gama 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, for the S&B 500, setups can be taken with ES Futures, SPY shares, SPY options, SBX options, or even ES options. And the setups that I'll talk about today can be used for a variety of timeframes as well, whether you day trade, swing trade, or take longer-term positions. Questions and comments are welcome, and I will be watching both the options-dash-dug-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. Alright, here's my agenda for today, Thursday, December 14th, the day after FOMC. First of all, I want to cover news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis, then I'll review some setups from earlier in the day, 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. Alright, let's start with economic data and events for today. So first of all, this morning at 8.30 a.m. Eastern Time, there were two data releases. First of all, retail sales at 8.30 a.m. Eastern Time came in greater than expected, greater than previous, and also jobless claims came in lower than expected, also lower than previous. So both good news for the economy. Alright, so that was for today, and then tomorrow, first of all, there is PMI data coming out at 9.45 a.m. Eastern Time, and the big thing is the December options expiration. This is the December monthly options expiration that's shown by this very large bar on the left, and the orange bar, that's showing call delta notional. That's what's showing on the vertical axis here, delta notional. Just a question, did anybody hear that ding, that chime, or whatever it was? Maybe Dan, if you could let me know, or somebody in YouTube. Okay, garden profit, thank you very much for responding. I thought I turned off, I thought I'd turn that off. I closed the application that was making that noise. No, I think it's something else, slow to Rossi. Alright, so anyway, let's get back to options expiration, December options expiration. The orange bar is showing call delta notional. This is market makers position. This is for the S&P 500 NASDAQ and also 2000, and this is a very, very highly call dominated expiration. This is the call delta notional with the orange bar, put delta notional, oops, wrong tool, put delta notional, shown with the blue bar there. Very heavily call dominated, and a lot of that call delta is set to expire at expiration, and that should free up some volatility, reduce the gamma notional, and should increase volatility, and maybe lead to a little bit of weakness or consolidation in the equity market. Now, this is a very bullish, seasonal time of year, and that could set up an end of year rally. But anyway, a lot of this call delta notional set to expire, call gamma expiring, and could lead to a little bit more volatility next week. So that's the options expiration on Friday, very call dominated, just the opposite of a put dominated expiration where the expectation is for a rally, and that was pretty prevalent in last year, 2022. All right, so that should wrap up the week. Now, let's take a look at positional analysis. I'm going to start with the S&P 500. This is the ES Futures and Bookmap, and before I take a closer look at this chart, I want to take a look at a larger time frame, and I'm going to go to, first of all, let's take a look at a daily chart. Find the SPX, and this is the massive rally in the SB 500, also the NASDAQ that began on October 30th. At that time, traders were loading up on puts, concerned about weekend risk, and then on Monday, price started to rise, implied volatility dropped, and that led to a huge IV collapse, put-vanna rally, and that has continued. There have been a couple of catalyst, CPI report, November 14th, and then, of course, the FOMC yesterday, indicating that they were most likely done with rate hikes, and calling for a potential of three rate cuts next year, led to a huge rally yesterday, and then, again, looking at potentially some consolidation today. All right, so that is a daily chart. Now, let's take a look at another chart. This is the one that I usually look at, the SPX, 30-day one-hour chart, and so we looked at the rally, a little bit of consolidation in the daily chart. Now, let's take a look at the levels on this chart. I'm going to zoom in, just take a look at the last couple of weeks here. So, the consolidation between the 45-40 and the 4600 level started, the breakout of that level started on Monday. FOMC announcement and press conference yesterday, and now a little bit of consolidation today. Next, let's take a look at the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. That one may be hard to see. SPX trading well above the upper weekly expected move. The dash blue lines are showing the lower and upper daily expected move, and SPX is trading within that range. And those are both based on the options market. The weekly expected move I update once a week over the weekend. Those levels remain the same for the entire week, and then the upper and lower daily expected move. I update that once a day. Let's take a look at some other levels on this chart. Next, the SPOT gamma levels shown with the dark red lines. These are proprietary SPOT gamma levels provided to SPOT gamma subscribers shown on a variety of trading platforms. This is thinkorswim. So, first of all, I want to point out the key daily levels. This is the put wall at SPX 4400. That's a strike with largest net negative gamma that can be expected to act as support. And the next level up is 4585. That's the volatility trigger that a SPOT gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure, and that tends to enhance or increase volatility. On the other hand, like SPX is trading now above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And then the next level up is 4700. Sorry about the ding, I thought I turned off that application. Alright, so 4700, that's the call wall. That's a strike with the largest net positive gamma that can be expected to act as resistance. And SPX is trading above that level right now. And 4700 is also the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. And that level did move up from yesterday. So these are key daily levels. They can and do change every day. So that's why I talk about these levels every day. So the call wall moving up to 4700, that is bullish, but SPX is trading above that level. So that's expected to act as resistance. Alright, let's take a look now at another SPX chart, even shorter time frame. And this is a, I'm showing, let's zoom from the, this is from yesterday, FOMC, strong rally up into the close. And then SPX consolidating today, below the upper daily expected move. Whoops, wrong tool. Upper daily expected move. SPX gapped up and could not quite make it to the upper daily expected move. Traded in a range and it's now moving a little bit lower. Here's the call wall at 4700. So according to the way spot gamma sees things, SPX is overbought if it is above the call wall. Now spy, the call wall is up at 475. So there is a difference in the call wall between call walls between SPX and spy and spies trading below that level. Alright, let's go to book map now. So we take a look at a daily chart, a one hour chart and then a one minute chart. Alright, now on book map, I have my own cloud notes. So I can show SPX levels, SPX levels. So there is the 4700 absolute gamma strike and then spy level just above that. That's the 470 absolute gamma strike. So I'm showing SPX level, spy levels and also other levels of interest for ES, like the upper daily expected move. And there's really been no clear correspondence with reactions at levels. That most likely won't change when the December contract expires on Friday. Alright, so again SPX trading above the 4700 absolute gamma strike call wall. Alright, shifts and levels. I talked about the absolute gamma strike for SPX shifting higher to 4700 and for spy, the volatility trigger call wall and absolute gamma strike all shifted higher. So a hat trick for spy, put wall did shift lower down to 440, not material for today. Alright, so bullish shifts higher for levels in both the spy and SPX. Alright, let's take a look at NASDAQ now. This is the NQ futures and book map. And before I take a closer look at this chart, first of all, I want to take a look at a QQQ chart to isolate the QQQ levels and play for today. So most importantly, here is the QQQ call wall at 405, acting as resistance as prices started to move lower. And then earlier today, the 406 level acted as resistance. Alright, for QQQ, the volatility trigger shifted higher and the call wall shifted higher. So yesterday the call wall for QQQ was at 400 and now at 405 today. So bullish shifts higher for QQQ. Let's take a look at NDX. NDX trending lower today. This combo level, that's pretty close to the, that's the 16600 level, combo L2 level, pretty close to the 405 call wall, acting as resistance. And now NDX is trading below its call wall at 16500, that's also the absolute gamma strike. And for NDX, all four key daily levels shifted higher. So bullish shifts higher for the NDX as well. Alright, let's go to book map back to the NQ futures. So just like ES futures, I have my own cloud notes, so I can show QQQ levels. There's the 405, 405 call wall. And there are two lines there, that's also the, that combo level. Just above that, this level acting as resistance and NQ continues to move lower. Down toward the lower daily expected move, also shown on my cloud notes here. Alright, so that is the NASDAQ. We'll take a look at setups in a few minutes. Again, all bullish shifts higher in levels for both ES and P500 and NASDAQ. And also the Russell 2000 call wall shifted higher for RUT and absolute gamma strike shifted higher for IWM. And it looks like, just checking. So IWM has been up as high as a higher, or rallying 2.5% today, now down, up by 2% today. And spy and QQQ all down for the day. Alright, sorry about the Dean. Alright, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. This information is available in the Spot Gamma AM Founders note, it's updated once a day. This is market makers position on the gamma curve at the beginning of the day for the ESP500, NASDAQ, and Russell 2000. Note all these numbers are positive, very positive. And the shifts in gamma notional, we're a little bit mixed today. Gamma notional for SPX, slightly lower today but still quite positive at 1.336 billion. And extremely positive for spy that did shift higher pretty substantially up to 2.36 billion. And gamma notional for NASDAQ shifted lower and for the Russell 2000 shifted higher. And mixed for the ESP500. All the key takeaway here is that these numbers are all very positive. This indicates on this position on the gamma curve, positive gamma, that traders are short calls, market makers are long calls, that's the assumption for an index. And market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. All right, let's take a look at the Vana model now. And we'll take a look at a graphical representation of what that means. So this is the Vana model for SPX, sorry about that. What this chart is showing is delta notional. This is market makers delta exposure on the vertical axis, price on the horizontal axis. That's the spot price for SPX. There are two curves on this chart. The first, the light Greek curve, shows how market makers delta notional may change with changes in price only. And the purple curve adds implied volatility to the equation. That shows how market makers delta notional may change with changes in price and implied volatility. And that change in delta with the change in applied volatility is the Vana effect. Vana is a second order Greek. All right, let's take a look at price now. SPX currently trading right around $46.96, so below the $4,700 level. So right around here, right at the bottom of the curve. So this shows at this position, there's no Vana headwind or tailwind. And if price moves, starts to really move in either direction, for example, starts to move lower, this indicates that market makers delta notional will increase. And market makers will need to sell futures to hedge their delta exposure. On the other hand, if price continues to increase, market makers delta notional will increase. And again, they will have to sell futures to hedge their delta exposure. All right, that's the Vana model for SPX. Let's take a look at SPI now. Hold on just a second. All right, this is SPI, Vana model. SPI currently trading right around $470, right around the absolute gamma strike. That's at the bottom of the curve. So just like SPX, if SPI starts to move higher, market makers delta notional will increase. And they will have to sell futures to hedge their delta exposure. And finally, let's take a look at QQQ. QQQ trading right around 401. So now QQQ has moved over to the left portion of this curve. This is indicating for the NASDAQ, if price continues to move lower, market makers delta notional will increase. And they will have to sell in Q futures to hedge their delta exposure. All right, so my thesis for the day, just based on the information that was available, looking at shifts, first of all, looking at the very high gamma notional, I was looking for lower volatility, more of a range day, mean reverting. And that was what the market looked like earlier today. And then also bullish based on the shifts higher in levels. All right, so let's take a look at some setups now. First thing I wanna do is take a look at what options traders have been doing today. This is the hero signal, hedging impact real time options. So everything that we've looked at so far other than book map has been based on static data, based on open interest, and especially gamma weighted open interest, open interest is updated once a day, spot gamma takes that information, applies their own proprietary algorithms to come up with the levels and the information that we looked at. And that is static, that's updated once a day, that's what I use for my planning process. Now in the execution process, I'm looking at real time data. So the first thing, of course, I'm looking at book map, and also looking at the hero signal here. Hero stands for hedging impact, real time options. And this chart is showing price for SPX and the hero signal with a purple line, price for SPX with a white line, the hero signal on the purple line, and the hero signal is showing options trades and market maker hedging activity for a combined signal of SPX, SPY, XSP and ES futures. All into one combined signal. All right, let's zoom in on this chart. So notice from the open, I'm gonna zoom on this chart just a little bit. This is the cash open, 9.30 a.m. Eastern time. And from the open, the hero signal was moving down, indicating traders were taking negative delta positions. And the SP500 chopped around and then just right around 10 a.m. started to move lower. So that was a nice divergent signal. It really took a while to play out. Let's take a look at one other thing here. Let's zoom in on this just a little bit. Separate outputs and calls. So starting around 10 a.m., the blue line started to drop, indicate traders are buying puts. The orange line also started to drop, indicating traders are selling calls. When both those lines move in the same direction, that is a very strong directional signal, in this case, setting up a short. And then right around 10.20, just a few minutes later, traders started buying calls shown by the rising orange line and around 10.40, 20 minutes later, they started selling puts shown by the rising blue line. So in this case, now both the orange and the blue lines are moving the same direction and price responded higher just a little bit after 11.30. All right, so short set up, long set up. And then again, I'm not sure what, if there was news items, I could not see anything in my news feed just right around 12.45, 12.50, that sharp drop. And now again, the orange line, blue line moving in the same direction and SPX continues to move lower. All right, let's go take a look at book map. So we know there's a pretty strong correlation between options, trades, hedging flow and price action and the SP500. Let's go take a look at book map. Let's zoom in, let me zoom just a little bit more. All right, here is the short set up, 10 a.m. You can see before price chopping around up and down and right around 9.45, the volume dots showing aggressive buyers, those are marked by minus sell. Green dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. So price zooms up, a lot of aggressive buyers and then aggressive sellers start to come in and it's around that same time, large traders start selling with iceberg orders. That is shown by the on-chart indicator there. That's 1100 iceberg orders, sell iceberg orders. Note also, you can see that with the falling light blue line and then there was one last gasp up just before 10 a.m. And that was a good entry point for a short, that one last pullback. And then around 1130 we saw that traders had started taking positive delta positions, price moves higher, aggressive buyers start to come in and then that move higher was fueled by buy stop orders shown by the rising yellow line, also the on-chart indicators. All right, then after just before 1 p.m., there was a sharp drop. Now I don't know if that was news related a lot, but there were a lot of aggressive sellers shown by the magenta volume dots. And let's go see what options traders were doing at that time. And there was a clue in hero. So let's go back to hero, see what options traders were doing. It was pretty subtle here but hero started to make a lower high and then drop sharply. So again, a pretty subtle signal there and with hero. But indicating that traders were starting to take negative delta positions. Let's separate out puts and calls. So the orange line and blue line started to drop and traders really started selling calls first and just by a couple of minutes and then started buying puts. Sorry about that. All right, so that's the S&B 500. Let's take a look at NASDAQ now. Gonna zoom in to the morning here. So right around 10 a.m., hero shifts lower, traders started taking negative delta positions. Price move lower. Let's go take a look at book map. Let's go over to NASDAQ. Let's just take a look at one thing and think or swim here. This is a heat map for the S&B 500. We can take a look at the NASDAQ 100 also. So traders continue to rotate out of the magnificent seven. And except for Apple. Well, Apple is maybe flat on the day. Microsoft, Nvidia, Google, Meta, Amazon, Tesla green on the day, but traders rotating out of most of the large cap tech stocks. They have a very strong influence on the NASDAQ 100. Still a strong influence on on the S&B 500. So traders are rotating out of those large cap tech stocks, magnificent seven, really into financials and energy today. And as I mentioned before, the Russell 2000 is very strong today and spy pretty much flat S&B 500 flat and NASDAQ weaker on the day. All right, so here's back to NASDAQ. And as I mentioned before, 406 acting as resistance. That's right around that 10 a.m. reversal on the hero signal. Traders started taking negative delta positions. And then the 405 call wall doing its job, acting as resistance. And now price moves lower as traders are moving out of large cap tech stocks into energy and financials and smaller cap stocks. So pull back entries for short. If you didn't get that 10 a.m., first move lower at 406. Potential entries back up at 405 at 11 and just before one, before that sharp drop. And just like the ES, you can see all the aggressive sellers coming in. Green volume dots on the way up and aggressive sellers. This reversal is also right at VWAP shown by the blue line there, light blue line. Let's go back, take a look at hero again. And for the NASDAQ, I often like to take a look at another combined signal. This is the combined signal for the Magnificent 7. Again, these stocks are very large components of the NASDAQ 100. And that's the stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. The zoom in on this chart. So kind of a mixed picture here today. Here's that short set up from the morning right around 10 a.m., oops, wrong tool. Hero starts to make lower highs although very choppy today. And this was really the clearest signal. The drop right around 12.50. Let's separate outputs and calls. So during the day, traders have been pretty much continuously buying puts that really accelerated around 11.30. Sorry about that. So net for the day, they are buying calls that shown by the rising orange line, that activity they really shifted lower right around 12.50. But net for the day, that notional value still is positive and just about the same for puts. So pretty much flat on the day in terms of notional value. But they, around 11.30, they started buying puts more aggressively. And also 12.50 started selling calls, blue line, orange line moving the same direction. And that provides, I think, more clarity sometimes than looking at the total signal. All right, let's take a look at some stocks now. Before I take a look at stocks, let me just bring up one other, one thing here. You know, I've talked about the big options expiration tomorrow, the December options expiration, one trade. And this could be what is happening today. What I'm looking at here is next Gamma X-Bree and the top Gamma X-Bree. And I have ranked the stocks in my watch list by next X-Bree Gamma percent. And then I want to take a look at all the stocks with more than 30% of Gamma expiring. Starting with Nvidia, Netflix, Google, Tesla, AMD, Meta, Microsoft and Apple. And what can happen often on an options expiration? Traders have been buying calls and those calls typically, they're expiring on Friday. So as expiration approaches, those calls start to lose value. So when traders buy calls, market makers sell the calls and they have to buy stock to hitch their delta exposure. As those calls lose value, as price drops or as expiration approaches, the charm effect, the change in delta as time passes, those calls start to lose value. Market makers delta notional decreases and they can sell their long stock edges. So that's a call Gamma unwind. Can be a pretty reliable trade and that could be starting today. All right, so let's go back and take a look at some stocks. The first one I wanted to take a look at is Netflix. Zoom in on this chart. Note that 480 is the key Gamma strike and price reverse lower just at the cash open today at 480. And so far has not looked back. Notice also this flow alert indicating significant or high options activity. Great way to get your attention to take a look at Netflix. And if you got in on a short, right around that alert, you're having a very good day in Netflix. All right, let's go take a look at book map. Actually, let's take a look at one other thing. Separate outputs and calls. So today traders are buying puts shown by the following blue line and they're also selling calls. And also Netflix was in that list of, with a large amount of Gamma expiring today. So those calls are quickly losing value as price drops and expiration approaches. Let's go to book map, go to Netflix. All right, there's the 480 key Gamma strike. Note the opening print. Just right around that level. Large magenta volume dot, price drops lower. Reverses from that level. Pullback entries to VWAP. Price targets at, not a lot of liquidity. Kind of interesting, well that's Netflix. It's not as liquid as some other stocks. First, high liquidity price target at, oh I know what that sound is. That is something from Discord. That's what that is. I'll figure out where that's coming from. But I believe that is from Discord. All right, so liquidity targets 470. And there's one at 468. Usually the high liquidity is at the zeros and the fives. So 15 point move lower in Netflix so far today. And traders again are selling calls and buying puts. All right, let's take a look at Nvidia. Someone have a choppy morning in Nvidia, but eventually resolved lower. And actually a little bit before, or about the same time, 1250, that everything else started to move lower. So up until then, pretty choppy in Nvidia. And earlier today, the 480 level more or less acted as support liquidity at 479. Let's go take a look at hero. Go to Nvidia and choppy morning. And finally right around 950, between 950, 910 a.m., hero starts to move lower. And a few flow alerts in the morning. Let's see what traders are doing. Whoops. So net for the day, they are buying puts and selling calls. And the last stock that I wanted to take a look at is Tesla and Tesla kind of bucking the downtrend today. Tesla often does its own thing and often counter trend to the rest of the market. And note 250 is the call wall. And earlier today, Tesla traded above that level and calls driving the market. So if there's any question about what drives Tesla, here it is. Traders buying calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. All right, let's go take a look at book map. Remember 250 is the call wall. 250, the call wall. Note the high liquidity at that level. This is the heat map and book map showing a history of the resting limit orders. Those are limit sell orders above price. Those orders were consumed, price consolidated just a few minutes and then moved higher. Now moving lower back up to the 250 call wall level. All right, so Tesla bucking the trend of the other large cap tech stocks, magnificent seven. And there were multiple pullback entries. I'm gonna zoom in on this just a little bit. Pullbacks and then pullbacks almost to VWAP. Let's go take a look at hero again. So very clearly call buyers driving price in Tesla today. Notice this very typical pattern. And this lasted a little bit longer than usual. But call buyers take their foot off the gas right around 1245, 1250 and price starts to move lower. Note the large difference in notional value positive 631 million for calls versus puts which is pretty flat at minus 33 million. So if you're looking for a long entry this is really what you wanna look at. Traders buying calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. All right, does anyone have any stocks they want me to take a look at? Let me know and I'll be glad to do that. Otherwise we'll circle back, take a look at the S&P 500 and NASDAQ, all right, the S&P 500 traders are taking advantage of the dip down to just below the 4,700 call wall starting to take positive delta positions. Let's go take a look back to bookmap, go to ES. All right, so ES finding support right around this cluster of levels maybe even just a little bit below at this 4,693 level. This level is noted as support and the spot gamma and founders note that seems to be the final support and you can see that aggressive buyers start to come in at that level and also as price starts to increase notice also the iceberg orders. A lot of large traders with very large iceberg orders here are buying the weakness, buying the move down that's shown by the rising light blue line. That's a very bullish signal. Rising light blue line, you can see all the iceberg orders there. 1,222 contracts that is aggregated into, that's 10 separate transactions, 975, 3,500, 1,770, 810, 4,230, a lot of iceberg orders, a lot of buy iceberg orders. Large traders buying as price moves down to the 4,700 level and note that level was noted as support even though it's the call wall, it was noted as support and the spot gamma and founders note. So options traders starting to take bullish options positions and as well as large traders buying that weakness with iceberg orders helping to move S&P 500 higher. All right, so Tarasi wants to take a look at IWM and DIA. I don't have either of those in book map but we can take a look in Hero here. IWM very strong in the day so far up until about one o'clock traders were taking positive delta positions, mainly buying calls and now that has shifted, it's bearish right around one o'clock. Traders continue to buy puts and they start selling calls right around 1 p.m. All right, DIA, I don't know if that's in here. Yeah, it is. So this is the Dow Jones Industrial Average and kind of up and down today in the Dow. Let's see what, I don't think I have DIA in my watch list, I do have IWM. So the Dow futures up slightly 0.15%. All right, so there you go, DIA. Looks like there is a pretty strong correlation between options trades hedging flow and price action. All right, Paul wants to look at Target and bullish day in Target trading above its call wall at 1.40, traders buying calls in Target. Again, when traders buy calls, market makers sell the calls, they have to buy stock to hedge their delta exposure and Microsoft and overall bearish day in Microsoft like most of the Magnificent Seven other than Tesla. Traders are selling calls. When traders sell calls, market makers buy the calls, they have to sell stock to hedge their delta exposure. All right, Garden Profit asks, would the blue line at higher levels also indicate he means overbought, he or she means overbought? I'm not sure what blue line you're talking about. If you're talking about the, if you're talking about, let's go to, let's go back to Tesla. If you're talking about this blue line right here and if price is trading above that level or we can go to, well, let's just, we'll take a look at Tesla there. So if Tesla is above that level, that would indicate an overbought situation. If that's the blue line you're talking about and if you're talking about this blue line, the blue line showing puts, there's no relation, no relationship between overbought, oversold. All right, Garden Profit, you're welcome. Paul, you're welcome. All right, my time is up. I wanna thank everyone for watching. Thank you very much for your questions and comments. And remember tomorrow, options expiration, there is an AM settlement for SPX and a PM settlement. And we'll talk about that tomorrow, should be interesting. All right, thanks everyone and I will see you tomorrow, bye.