 Hello everyone. Welcome to Options with Doug, streaming live daily on Bookbap Discord and the Bookbap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General disclosure, all Bookbap limited materials, information, and presentations are for educational purposes only and should not be considered specific, investment advice nor recommendations. Risk disclosure, training futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. I'm going to pause briefly for a public service announcement for Bookbap. Bookbap is asking all Bookbap Discord users to fill out this form. You can scan this code with your phone, fill out the form. You'll need your email address, your Discord name, and your Bookmap license key. If you do not subscribe to Bookmap, you can subscribe to the free version that is for a crypto and does provide delayed data for stocks and futures. And this will provide you with some exclusive benefits, webinars, services, beta programs, free add-ons, and will make Bookbap Discord a better community for all participants. So if you have not done so already, please fill out this form. 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 on 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. And also note that Bookmap Discord, as a large community, there are a number of channels there covering a wide variety of topics. And the asset classes, including stocks, futures, options, and crypto, and also covered in a wide variety of languages. I'm also on X, formerly known as Twitter, and my name there is at Doug Pless. Here are the key tenets of my approach to trading. First of all, I believe options trades and market-maker hedging activity are key drivers of price of many stocks and futures. And for the S&B 500, SPX is the underlying index, SPY is the ETF version of that, just another version of SPX, and ES is a derivative of SPX and SPY. So when traders buy and sell, puts and calls, and SPX and SPY, market-makers take the opposite side of those trades, they want to remain delta neutral, so they buy and sell ES futures to hedge their delta exposure. And for the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of that index, and it is actually more liquid than NDX, and NQ is a derivative of NDX. So just like the S&B 500, when traders buy and sell puts and calls in NDX and QQQ, market-makers hedge those positions with NQ futures. 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 at 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 and book map, 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 for example, the S&B 500 setups that I talk about 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-Doug Chat channel and Discord, as well as the chat and YouTube for your questions and comments. So please feel free to post. I'll do my best to answer your questions. And hello, Steven. Welcome. Glad you're here. Glad you're looking forward to today's session. I hope it lives up to your expectations. All right. Here's my agenda for today, Thursday, February 15th. First of all, I want to go over news items, economic data, and events for today, as well as tomorrow. Then I'll go through my positional analysis. Then I'll review some setups earlier today, and then I'll take a look at 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 start with news for today. First of all, there were quite a few data releases this morning. Most low or medium impact. The only high impact data was retail sales, and that came in lower than expected and lower than the previous number. We'll take a look at the reaction to that data release in just a moment. That was at 830 a.m. Eastern time. Then tomorrow, Friday at 830 a.m. Eastern time, PPI data comes out. 10 a.m. Michigan consumer sentiment. Also note that tomorrow is the monthly options expiration for February. And that is a call dominated expiration. Let's just take a look at that right now. So this chart is from Spot Gamma. What it is showing is Delta Notional, market makers Delta Notional for the SAP 500, NASDAQ, and also 2000. So it's combined Delta Notional. The orange bars are showing call Delta Notional. Blue bars showing put Delta Notional. So this is February. Note the call Delta Notional is positive, put Delta Notional negative. Note the orange bar is much larger than the blue bar. So this is a call dominated expiration. And so what that means is that after expiration, a lot of these calls will expire and that may release some more volatility. So volatility may pick up after the expiration, potential consolidation. That certainly did not happen in January, which was also a call dominated expiration. All right. So just something to keep in mind call dominated expiration calls will be expiring the calls that have held in volatility in a positive gamma environment, leading to potential higher volatility and more consolidation. All right. Let's move on to positional analysis. Now I'm going to start with the SB 500. And this is the ES futures and book map. And before I take a closer look at this chart, I want to take a look at the underlying index and a larger time frame. And I'm going to start with the I'm just going to move on to the one hour chart. So we've seen the one day chart before for SPX about a 940 point rally from October 30th, all the way up to just right around. So that was from around 4100 SPX 4100 to around 5050. So it was all together about a 940 point rally. And let's point out some of the key turning points here. So first of all, as SPX has rallied, the call walls have moved up. And let's point out how the movement has gone through the call walls. First of all, 4800 SPX broke out above that level. And that was the January expiration that I just mentioned. So breakout above 4800 on January 19th expiration price moved up. Reaction to FOMC that was a breakout above 4900 price moved up to 4970. It then has gradually moved up all the way up to up to 5050 and then SPX training to move back up to that level. All right, the call walls have progressed up from 4800 at around the beginning of the year all the way up to 5100. And that was 5100 on Monday and then dropped back down to 5000 and now back up to 5050. I'll talk about the call wall more in just a moment. All right, so here's the current price action. And let's take a look at the levels on this chart. I'm going to zoom in so we can see the levels a little bit more clearly. All right, so the lines on this chart are showing my key levels. 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 over the weekend. The dash blue lines are showing the lower and upper daily expected move. I update this once a day also based on the options market and note I post these levels in discord every day and I post these levels the evening before. So SPX today is testing close to testing the upper daily expected move. All right, the other lines on this chart are showing spot gamma levels. These are proprietary spot gamma levels that provided to subscribers shown on a variety of trading platforms. This is thinkorswim. I'm going to point out the key daily levels. So first of all, 4970. That is the put wall. That's a strike with a largest net negative gamma that can be expected to act as support. And that is also the volatility trigger. That's the strike spot gammas proprietary gamma and 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 hitch their delta exposure. And that tends to enhance or increase volatility. On the other hand, above that level, like SPX 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 hitch their delta exposure. And that tends to subdue or decrease volatility. All right, so 4970 is the put wall and the volatility trigger. Both of those levels shifted higher from yesterday. All right, the next level up is 5000. And that is the absolute gamma strike. We'll take a look at that in just a moment. So that's a strike with largest absolute positive and negative gamma. And that's where most of the gamma weighted open interest is concentrated. And then finally, the call wall is now up at 5050 again. That's a strike with largest net positive gamma that can be expected to act as resistance. So note that level also moved higher from yesterday from 5000 yesterday to 5050 today. So a hat trick bullish hat trick for SPX volatility trigger put wall and call wall moved higher. All right, let's take a look at one other SPX chart. So we can take a closer look at the levels and play for today. So I started with a one hour chart. Typically, I show the one day chart. We've all seen that before. 940 point rally that I mentioned. That was a one hour chart. Now let's go to a one minute chart. So we can get a closer look at the levels and play for today. So remember from yesterday, this rally began around noon, picked up again. As my webinar was going on, I'll talk more about review a setup from that I was talking about yesterday afternoon toward the end of my webinar. And then that rally continued all the way up to the close. This is yesterday. Right at 5000. And then what it looks like today is that the open this rally just continued higher, found resistance at this 5016 level. And that's a combo for level combining SPX and spy, gamma weighted open interest into one level here can shown in terms of SPX price to that level. Very clearly acting as resistance. And then price broke out just a few minutes ago. I'm not sure what caused that I know the Fed member Waller was speaking of it. Perhaps that was it. That was the catalyst for the move higher. If somebody knows, maybe they can post that. Alright, so the levels and play primary levels and play, again, the 5016 C four level, and then the 5000 absolute gamma strike for support, 5016 resistance and 5000 support, both very important levels today. Or let's go to book map now. So again, this is the yes futures and book map. Remember, ES is a derivative of SPX spy is another version. So I like to show those levels on my chart. Here my cloud notes. So I can show. First of all, SPX levels. There's the 5016 level. And then this 5015 level noted as resistance in the spot gamma am founders note. And then there's the 5000 absolute gamma strike. I also have spy levels on this chart. And 500 is the absolute gamma strike. And also the call wall for for spy. So right now, SPX ES is trading above the spy 500 call wall but still below the SPX 5050 call wall. And that level, the 500 level has also been in play for today, acting as resistance, then support. So today, both the spy and SPX levels have been key key support and resistance. And hello trading price and time welcome glad you're here. Hello Caesar welcome glad you're here as well. Alright, so those are the levels of play for the SME 500 note the there is an offset and price between ES and SPX. And it has been moving around quite a bit today. I've seen it anywhere from 14 to 16. So I'm using 15 today. So I'm showing this 5015 level. SPX 5015 at ES 5030. And note I do post the index relationships that I'm using every day in discord. And I also I post the ES to spy and the ES to SPX in queue to QQQ and in queue to NDX. I post those in discord every day. I post the preliminary numbers before the cash open. And then I post the final numbers sometime after the cash open. I try to get those in discord before 10am. Alright, so those levels play for the SME 500 today. Again, the spy and SPX levels being key for price action today, key turning points. Alright, let's take a look at NASDAQ Oh, shifts and levels I mentioned SPX bullish hat trick. And then for spy, the volatility trigger also shifted higher. And for spy, the absolute gamma strike shifted back up to 500. We'll take a take a look at those absolute gamma strikes in just a moment. See how important they are for for spy and SPX. And for spy, the put wall did move lower. But overall, bullish, bullish shifts higher for the levels for the SP 500. Let's take a look at NASDAQ. Here the NQ futures and book map. And I'm going to take a look at charts for the underlying and X products. First of all, we'll take a look at QQQ. So QQQ at the open the 434 this is just a round number level. Actually, that may be that's actually the large gamma two level, one being the most important five being the least important. So fairly important level acting as resistance earlier today. 433 that is not a spot gamma level, but is the round number level acting as resistance, and then support. And now it looks like the 435 level acting as resistance. That's a large gamma three level. And I don't know why spot gamma is no longer showing the all the labels for these levels, they change the script for thinkorswim. Alright, so that is the that's QQQ levels in play. And for QQQ, the volatility trigger shifted higher and the put wall shifted lower. So here's the volatility trigger for QQQ 432 QQQ briefly traded below that level. Now above the volatility trigger in a positive gamma environment. I'm going to skip over the index in DX chart there. Actually, we'll take a quick look at that. Earlier today, there really no in DX levels in play for today. And here's a combo level just above. We'll see that on the book map charm. Alright, so this is the again the end Q futures and book map. I have my own cloud notes. So I can show QQQ levels. There's the 435 level that I just mentioned, acting as resistance 432 volatility trigger. And then there's this combo level for in DX, just above. Also the zeros in the 50s for in DX in Q, I'm sorry. Alright, so really, it's been this 435 level, large gamma three on the upside, and no clear support on the downside. Alright, shifts a little levels again, QQQ volatility trigger up, put wall down. And for in DX, all four key daily levels shifted higher. So very bullish for in DX, volatility trigger put wall, call wall, absolute gamma strike all shifted higher. And call wall in the absolute gamma strike shifted back up to 18,000. Yesterday, they had shifted down to 17,100 back to 18,000 now. So bullish shifts higher for in DX. Alright, let's wrap up the positional analysis. We'll take a look at gamma notional. See how market makers were positioned on the gamma curve at the beginning of the day. This is gamma notional. Again, market makers position on the gamma curve at the beginning of the day for the SB 500 NASDAQ and Rosso 2000 note for the SB 500 and NASDAQ. These numbers are positive. They were negative yesterday shifted to positive today. So in a positive gamma environment, market makers position on the gamma curve is positive. This indicates that once my gamma assumes that traders are short calls, market makers long calls, hence the positive gamma environment, and they have to trade against price to hedge to the delta exposure. And this is fairly just mildly positive, but positive nonetheless. Alright, let's take a look at one last thing. Then we'll get to get to some setups. And let's see, I'm on spy now. So we'll just take a look at this. Just want to emphasize the importance of these strikes. So there's the 500 strike for spy. And typically in a positive gamma environment toward expiration, strike with that much gamma can be expected to act as a magnet for price. So just quickly, this chart is showing positive gamma call gamma with the orange bars, negative gamma or put gamma with the blue bars. And let's get out of this quickly go to SPX and the dominance of the 5000 strike for SPX is much more apparent. This is the 5000 strike. So by far 5000, that's where most of the gamma weighted open interest is concentrated. Are this move on to execution now? I'm going to start by taking a look at what options traders have been doing today. I'm going to start with the SP 500. So everything that we've looked at so far other than book map is based on static data. Spot gamma takes open interest data that's updated once a day sometime during the night, apply their algorithms to that data to come up the levels that I was showing on the charts, the SPX and QQQ charts as well as book map charts. Right now, we're going to move on to execution look at real time data. So what this chart is showing is options trades and market maker hedging activity. That's the hero signal hedging impact real time options. And this is for the SB 500. And it's showing options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures. When the hero signal is rising, this indicates traders are taking positive delta positions. They're buying calls and or selling puts. Market makers take the opposite side of those trades. And they hedge their exposure by buying futures. Alright, let's zoom in on this chart. So we can take a closer look. I'm going to focus on a couple of trades today. First of all, just looking at if you're just trading the morning, looking at this in the morning. There were three key signals here. Two for short, one for long. Let's zoom just a little bit. So starting around 10 traders were taking positive delta positions. And this flow alert went off. This is often a good mean reversion signal, the hero signal shortly after shifted lower. Move back up another hero signal and shifted lower, setting up two shorts. Then we'll talk about this long in just a minute. Alright, so let's go to book map. And we'll take a look at the setups and the SB 500. I'm going to zoom in. Alright, so here's the short setups. Remember, the hero signal shifts flow alerts go off. First one right here. Let me turn up the volume dots just a little bit. Setting up first of all the key reversal at these levels, the SPX 5015 5016. Right here is traders start taking negative delta positions, price reverses lower. Subchart showing cumulative volume delta drops. That's the magenta line. Also, there are some cell stop orders fueling the move lower price versus higher as traders start taking positive delta positions again. And then we saw this yesterday as price moves up toward a key level. In this case, the 500 levels spy 500 level, large traders come in with iceberg orders. And they sell that shown by this, these on chart indicators. This last one indicates that 3000 contracts were executed. That's one large order. They were met by aggressive buyers that shown by the green volume dot the volume dot show market buy minus sell right below the 500 level. Note this line here, it may be difficult to see. That shows that this initial iceberg order was not completely filled, remained in the order book until it was finally filled with this 3000 cell iceberg orders executed and price moves lower, right at the 500 level. Again, just as a hero floor alert goes off. So very clear signals, both with with the levels, with the hero signal, as well as order flowing book map. And again, CVD shifts start sharply lower. That's shown by the magenta line there. Also, the blue line is showing the iceberg orders. And then the falling yellow line shows cell stop orders fueling the move lower. So two great short setups. Let's go back to hero. Again, here's the first one. Flow alert. Hero signal shifts lower at key levels 50 1516 price moves lower. Next flow alert. Another mean reversion signal price again moves lower, this time down to 5000. Right, let's scroll over now. All right, so those were two shorts. And the last looks like the most important setup. And you never know that until until you know, we're looking in in hindsight here. So we know this is a key level 5000 absolute gamma strike. And then the 5001 combo three level just above that. That's right at spy 499. So let's go back and take a look at hero now. And finally, the third key flow alert, right at 5000, hero shifts higher, traders start taking positive delta positions. And yes, me 500 moves higher, zoom out. Alright, so so far after the right around 1110 SMB 500 continues to move higher. As traders continue to take positive delta positions. Let's just see if take a quick look and see what they're doing. So what this chart is showing now, I've separated outputs and calls. So this shows that 1110 right before then traders were buying puts that is shown by the following blue line, they start selling puts. And that blue line has gradually moved up, not like the orange line. This notional value is positive indicate net indicating net for the day. Traders are selling puts. Also the orange line is showing calls. A rising orange line indicates traders are buying calls. When traders buy calls, market makers sell the calls. And they have to buy in this case futures to hedge their delta exposure. So I'm talking about calls and SPX and spy primarily, when traders buy those calls, market makers sell the calls and they have to buy ES futures to hedge their delta exposure. And for SPX, that's the only way that they can hedge. Alright, note the call buyers much more aggressive today. Notional value 3.7 billion positive versus positive 156 million for puts. Another takeaway here is that both lines are moving in the same direction. That's a very powerful directional indicator. Alright, so that's the SME file buttered two short setups in the morning, and then one long setup that is continuing to run higher. Alright, let's go back to book map. We adjust the volume dots. So here's the long, long setup. Pullback entries. That went around VWAP that's the light blue line. This one right at 500. Just after 1pm. Again, not quite sure what caused that. I'll see if I can find that. So pull back to 500. Then a full back pull back to 501. And now the SB 500 making its way up to the upper day they expected move. This is the upper day they expected move for ES and 502 for spy. Alright, let's take a look at NASDAQ. I'm going to zoom in. So NASDAQ was a little bit weaker at the open than the SB 500. This is the cash open right here. Cash open right at 930. There it is. Alright, let's go take a look at hero and see what options traders were doing. So I'm going to take for the NASDAQ. I look at two signals. This is the signal for NASDAQ. So it's a combined signal showing options trades and NDX and QQQ. Then this is the mag seven signal. This is also a combined signal showing options trades and market bigger hedging activity for a combined signal for the stocks known as the Magnificent Seven. That's Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. Let's zoom in. So what this is showing is from the open, maybe just a few minutes after the open, the hero signal was moving lower, indicate traders were taking negative delta positions. Price move lower. Alright, let's take a look at the NASDAQ signal. I'm going to zoom in. Not quite as clear, but it started moving lower right around 950, 955. Recently, I've been putting generally putting more weight on the mag seven signal than the NASDAQ signal. When I'm looking at NASDAQ, these stocks make a very large component of the NASDAQ 100 and typically move price in the NASDAQ 100. And note that for this signal, the price is shown in terms of an NQ level. Alright, let's go to NASDAQ now. So here's the short setup in the morning. Remember, just maybe five minutes after the cash open, traders started taking negative delta positions in the mag seven stocks. And price finds resistance at the NQ 900 level, and also the QQQ 434 level, and also VWAP shown with a light blue line. Price starts making a series of slightly lower highs. So short set up. If you were fast in the morning, otherwise, pullback entries, taking a look at the sub chart, the gentle line showing cumulative volume delta falling. Also the yellow line showing sell stop orders fueling the move lower. Alright, so there's the short setup in NASDAQ. Now let's take a look and see what's going on now. So right at just afternoon, NASDAQ broke this down trend, started poking its head above that trend line, then broke above just afternoon. Let's see what options traders were doing. Now making its way back up to 435. Take a look at hero. So mag seven signal, started moving higher right around 1210. Now reversing lower. So note the put line is fairly flat. It is negative notional. Indicated traders net for the day are buying puts. But they started pretty aggressively buying calls. Sorry about that. Shifting from puts to calls triggers that zoom for some reason. Alright back to the mag seven signal. Right around 1210 trader start aggressively buying calls. Price moves higher. They took the foot off the gas. Started selling calls. Now consolidation. Alright, let's go back to book map. Here 1210 trader start buying calls mag seven stocks. Take the foot off the gas. Now NASDAQ moving lower. Call buyers the mag seven stocks definitely driving NASDAQ today call buyers and sellers. Alright, let's take a look at some stocks. And then we'll get to the live market. So I'm just going to quickly go through these. This is Apple. Let's see what options traders were doing today in Apple. So in the morning traders were taking negative delta positions shown by the following purple line. Note this flow alert comes in a little bit early. Let's go back to book map. Good short entry 184 or break below VWAP. Break below 183. Now price consolidating. Let's take a look at meta. Another bullish day in meta. Let's see what options traders were doing. Separate outputs and calls. Traders are selling puts and buying calls shown by the rising blue line and orange line call buyers much more aggressive. Driving price higher. Note that 480 is the call wall and key gamma strike. Let's go take a look. See what happened at 480. So here's the 480 level call wall. So traders were aggressively buying calls. Price moved higher. Be tuned down the volume dots just a little bit. So some consolidation at that level. First acted as resistance. Then support. So price breached the 480 call wall. And that can be bullish. When price moves above that call wall. Remember for a stock. Spot gamma assumes that traders are long calls. Market makers are short calls. So as price breaches that level, aggressive buyers keep buying calls. When traders buy calls, market makers sell the calls. They have to buy stock to hedge their delta exposure. Also on a call wall breach when those calls go in the money. Remember, market makers short calls. Those calls go in the money. Their delta increases. Market makers have to continue to buy stock to hedge their delta exposure. Let's go back to hero. Pretty typical pattern that's gone on a little bit longer than normal. Aggressive call buyers in the morning. Take the foot off gas. And price consolidates. Very typical pattern. One way to trade that is to sell a call spread. As price reaches that consolidation level sometime mid morning to noon or so. Alright, finally, let's take a look at Nvidia. Big market driver. I think Nvidia really helping to drive the the short at the open note the hero signal falling. Flow alert just a couple of minutes after the cash open and price moves lower and NASDAQ moves lower. Let's go take a look at book map. Go to Nvidia. If anybody has any stocks they want me to take a look at, please let me know. I'll be glad to do that. Alright, so here's Nvidia sharp drop lower. As traders take negative delta positions to hero. The hero signal shows slows down and still gradually trending lower, but price starts to consolidate. Let's separate outputs and calls. So net for the day traders are buying puts and selling calls. Negative notional value for puts traders are buying puts negative notional value for calls traders are selling calls. Alright, so a rare bearish day for for Nvidia. Alright, slow to Rossi wants to take a look at SMCI. We'll take a look at that. A lot of alerts here for SMCI today separate outputs and calls. So traders are buying puts and buying calls call buyers more aggressive, driving SMCI higher. Well above the 900 level. That's the call wall and key game strike. So remember for a stock, traders are long calls market makers short calls as price moves higher. Traders continue to buy calls. And those calls at the 900 strike go deeper in the money and market makers have to continue to buy stock to hedge their delta exposure. Alright, Caesar wants to take a look at I'm not familiar with that stock. INVU is that correct? Sorry, Caesar, that is not in here. So there's no hero signal available for for that stock. Alright, let's go back to the SME 500. Alright, so traders continue to traders continue to buy calls the SME 500. Let's go back to the total signal. Let's go to book map. Oh, one thing I meant to do is review the setup that I was talking about yesterday afternoon. This was right. Right as I was wrapping up my webinar. So I was calling for a target here at spy 497 and also yes 5000. And then I wrapped up my webinar before price at that level. And that was just the just the beginning really. So this was a rally off the lower week the expected move. And let's take a look at the end of the day. So there was some consolidation at that level. A move lower just to pull back. So continuation and then price made it all the way up to the 5000 level that I showed earlier today and the one minute SPX chart at the close yesterday. Alright, so that was only the start of the rally yesterday. So that was just a follow up from what I was talking about yesterday afternoon. Alright, so let's take a look at price action now. Hello, Floyd's garage. Welcome glad you're here. zoom in on this a bit. SMB 500 trading at a range between this liquidity, right around 5045. For those of you may not be familiar with book map. The heat map and book map shows a history, the limit orders in the order book, and a darker, darker shaded color indicates higher. There are more orders. So above price, those are limit sell orders. So far price contained below those levels on the upside and then the spy 501 level on the downside and by stop orders continue to fuel price higher. That show my the rising yellow line. This was definitely a stop run just after 1pm show my the yellow line in the sub chart close the on chart indicators. Let's take a look at this cumulative data. And the sub chart here, this is showing cumulative from the day from the time that I opened book map, which was around 640am Eastern Time. This is showing net for the day, quite a few sell iceberg orders. 7900 net for the day so far starting at 640am. Large traders are selling this move higher with iceberg orders they use to hide their size. And Greg says, excellent insight. Thank you. Thank you for your kind words and you're welcome. Greg also says Fed Fed Waller at 115pm Eastern Time. Yeah, I noted that I didn't see anything that would it that I thought would have caused this move. But I did note that he was was speaking around that time. So maybe that was it. Right. So large traders selling with iceberg orders continue to sell. Let's go back to hero, see what options traders are doing. Hero signals continues to move higher. Decent size number for the day four billion dollar notional value. Take a quick look at mag seven. That was moving lower now maybe now maybe moving higher. Go back to SB 500. Let's step back. So so far the SB 500 is around around the highs of the day. I'm going all the way back to the open futures open yesterday afternoon. Yes, still chopping at a narrow range. So I would be looking for a reaction at 501 or up here at this liquidity or the 502 or the upper daily expected move above those levels. So I would want to see ES at either end of this range either reversing at one of those at 501 502 or breaking out. Let's take a look at NASDAQ. Alright, so NASDAQ finding resistance at QQQ 435 and support at 434 back to ES. Alright, Pharaoh asks, what is 501 501? That's a spy round number level. So you're asking about this right here 501. That's a spy round number level. So these spy and SPX levels. This is a key part of my analysis that I think traders buy and sell at these levels. This is one of the underlying NDX product, underlying index products for the ES. So SPX is the underlying index and spies just the TF version of that. And ES is a derivative of SPX. So I'm looking for reactions at those levels and also market traders buying and selling puts and calls that those in those index products to drive price for ES. Alright, Pharaoh asks, what is 5051? Do you mean 5015? If so, that is an SPX level. That was noted as resistance and the spot gamma am founders note did act as resistance. Now price trading above that level. So that's an SPX level. And there is an offset between ES and SPX. And today it is around 15 points. So ES minus SPX is 15. All right, George asks, is hero not an indicator of book map anymore? No, it has not been an indicator in book map for quite some time. So initially, a spot gamma took that hero indicator, built a web version of that. And they continue to refine that product. It is great now. But it is no longer included in in book map as an indicator that was deprecated some time ago. Alright, Doug wants to take a look at VZ. I don't know if that's going to be in here or not. I certainly don't have it in in book map. We'll take a look. I don't think there's it is here. Excuse me. Excuse me. Not much of an options market in VZ. Not much of a mover, not much of an options market. Remember, we're looking at a notional value of around 4 billion for the SB 500. This is 1.5 million. Let's come back to the SB 500. Traders continue to take positive delta positions. Hero signal continues to trend higher. Let's just take a look at a shorter look back period to see if that provides any insight. Yes, it does. So now a hero signal. I'm just looking at the last 30 minutes of data instead of the entire days worth of data. Now, making lower highs. Let's go back to book map. Alright, Greg says I have a lot of experience former licensed trader for a real prop firm. Do I feel like I would have a better chance in the NQ or ES? Yes, constantly falling back on my entries. That's that's difficult to answer. I prefer to trade ES ES. Let me just say this ES is slower moving than NQ. And I think it respects the levels that I have shown on my chart, much more consistently than NQ and Q is faster moving. And I prefer to trade ES. And I know other traders prefer to trade NQ. All right, my time is up. I want to thank everyone for watching. Remember, tomorrow is a big day. PPI data out at 830am Eastern time, Michigan consumer sentiment at 10am and then a call dominated exploration tomorrow. Also SPX. There are two settlements AM and PM. So at the cash open the AM settlement that will be settled that will be gone. And then the SPX PM settlement and also the spy PM settlement closes at the end of the day. Alright everyone, thank you for watching. Thank you for your kind words. And we'll talk about it tomorrow. Thanks again. Bye