 Hello everyone welcome to options with Doug streaming live daily on book map discord and the book map YouTube channel at 1 30 p.m. Eastern Time. Before I get started I need to go through the disclosures general disclosure all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations risk disclosure trading futures equities and options involves substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative of future results and I do need to pause for a public service announcement book map is asking all book map discord users to fill out this form you can scan this with your phone fill out the form you'll need your email address and your discord name and also your book map license key if you do not subscribe to book map you can sign up for a free license that is the free version that's for crypto and also does provide delayed data for stocks and futures I believe and this will provide you with some great benefits webinars services beta programs add-ons and make book map discord better experience for all users 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 book map discord there's an option stash dug 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 go through in just a moment and again more about book map discord a great community there's a wide variety of content there on a variety of asset classes options stocks futures crypto also on a wide variety of languages and it's a large community of traders all trying to help each other become better traders I'm also on X formally notice Twitter I did post a couple of annotated screenshots over the weekend of setups that I talked about on Friday if you're on X and I urge you to go take a look at those if you like what you see give me a like and a follow on X that would be great all right thank you all right so let's move on now here are my key tenets for trading the first is that options trades and market maker hedging activity are key drivers of price and many stocks and futures and for the SP 500 SP X is the underlying index spy is just another version of SP X and ES is a derivative of SP X and when traders buying sell puts and calls and spy and SP X market makers take the opposite side of those trades and they hedge with futures for stocks they will hedge with these stock for example Apple traders will when buy traders buying sell puts and calls and Apple market makers take the opposite side and they buy or sell Apple stock to hedge to their dealt exposure and for the SP 500 again they are market makers are hedging with ES futures and the same for the NASDAQ 100 NDX is the underlying index NQ is a derivative of NDX and QQQ is the ETF form of NDX and it is much more liquid and I think it has a much larger influence on the NASDAQ 100 than the NDX the focus of my presentation today and the focus of the options Dash 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 to 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 setups in those assets can be taken any number of ways for example the SME 500 setups can be taken with the S futures spy shares spy options SPX options or even ES options alright so again I'm looking at real-time order flow and book map and market maker hedging flow and spot gamma hero to confirm my thesis. Questions and comments are welcome and I will be watching both the chat and the options Dash Doug chat channel and book map 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 and hello Caesar Steven welcome glad you're here alright here's my agenda for today Monday February 12th first of all I want to go over news items economic data events and earnings for the week then I'll go through my positional analysis then I'll review some setups from 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 get started with news items there was nothing today as far as I know and the it does begin tomorrow with the CPI data that comes out at 8 30 a Eastern time that could be a market mover excuse me CPI data tomorrow 8 30 a Eastern time then Wednesday as the VIX expiration that is at the cash open VIX expiration then on Thursday retail sales come out and then on Friday the PPI data comes out 8 30 a Eastern time and then Michigan consumer sentiment at 10 a.m. and then finally Friday is the February monthly options expiration it's a very call dominated options expiration and we'll take a closer look at that later on in the week so the major event CPI PPI and the options expiration and there are also a variety of Fed speakers throughout the week there were several today are this move on to positional analysis now I'm going to start with the SB 500 and this is the SB 500 futures ES futures in book map and before I take a closer look at this chart I want to step back take a look at a larger time frame and I'm going to go to the underlying index which is again is SPX this line got adjusted alright so this is the SPX index this is the current rally that began last year October 30th and I'm going to go through how the key levels mainly the call walls have progressed higher so first of all at the end of the year early this year SPX found resistance at the 4800 level then on options expiration in January also a call dominated expiration price broke out SPX broke out broke out above the 4800 level alright let's pick it up there with another SPX chart this time I'm going to go to a 30-day one-hour chart so pick up the top of the rally here's that break out above 4800 4800 right here and then on Monday the 29th SPX broke out above the 4900 level a little bit of a pullback after the FOMC meeting and then a then now SPX is trading up above the 5000 level so there's the 5000 level so pretty steady progression up from 4800 to 4900 to 5000 the 5000 level was the call wall and now the call wall has moved higher alright so let me point out those levels first of all the expected moves dash purple lines showing the lower and upper weekly expected move I update that once a week those that's based on the options market those levels change once a week and then the dash blue lines are showing the lower and upper daily expected move also based on the options market I update those every day the evening before I've been posting those in discord both the weekly and daily expected moves alright so so far today SPX found some resistance just below the upper daily expected move and is now trading within that expected range for the day alright the other lines on this chart are showing spot gamma levels these are proprietary spot gamma levels are provided to spot gamma subscribers shown on a variety of trading platforms this is thinkorswim I'm going to point out the key daily levels first of all here's the put wall at 4500 that's a strike with largest net negative gamma that can be expected to act as support note that level did move lower from from Friday drop down from 4800 on Friday to 4500 today alright so that's a pretty big move lower move lower in the put wall not really significant alright the next level up above that is the volatility trigger that's the vt level there at 4945 that a spot gamma is proprietary gamma and volatility flip level below that level market makers position on the gamma curve is negative and 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 above that level like sbx trading now market makers position on the gamma curve is positive in a positive gamma environment market makers have to trade against price to their delta exposure and that tends to subdue or decrease volatility the next level up is 5000 that's the absolute gamma strike that's a strike with largest absolute positive and negative gamma and then finally the call wall has now moved up to 5100 and that was expected last last Friday is the sbx rallied that call wall moved up from 5050 to 5100 so there's the progression of call walls now up to 5100 so shifts in levels for the sbx ball put wall did move lower and the call wall moved higher and I'm putting more relevance on the call wall alright let's finalize our view of sbx this time with a one-minute chart so we can see the levels and play for today gonna zoom back just a little bit so this is showing the this is from Friday dark shaded portions regular trading hours it looked like initially in the morning the rally from Friday was gonna continue then price took off and we'll see why in just a few minutes and then has found some resistance just below the 5050 level and there's a combo level and then the upper daily expected move just above that alright let's go to book map now right in book map I have my own cloud notes so I can show sbx levels there's that 5050 level that I just mentioned so that is sbx 5050 I'm also showing spy levels on this chart there's the spy 504 call wall also you can't see it in this view but the white line just above the look their two white lines the lower one is the sbx 5023 level and just above that is the spy 501 level noted acted as support this morning and we'll take a look at that when we take a look at setups alright note there is a difference in price between ES and sbx earlier today it was around 17.5 that's what I was using this morning so I'm showing 5050 sbx 5050 at ES 5,067.5 right now it looks like it may be closer to somewhere between 17.5 and 18 and note that I do post the index relationships that I'm using every day in discord I post the preliminary numbers before the cash open and then I post the final numbers after the open try and get those out around 10 a.m. alright so I've got one column of notes so I'm showing spy levels spx levels and also key levels for ES and there's the there's the upper daily expected move looks like I forgot to add 5050 for ES so I need to add that in alright so shifts and levels again for spx put wall lower call wall higher more significant and for spy the volatility trigger put wall and call wall all shifted higher so a hat trick for spy that's very bullish alright so overall thesis directional thesis bias for the SME 500 was bullish today based on those shifts and levels alright let's take a look at NASDAQ so here are the NQ futures and book ma'am and before I take a closer look at this chart I do want to take a look at the charts for the underlying index products I'm going to start with QQQ so this is a one-minute chart for QQQ just showing the levels in play for today and note this 437 level that's an L4 level large gamma 4 acted as a good launching point along with VWAP for long this morning on this trend break and then it looks like QQQ found resistance right around the 439 level and then this combo 4 level combining NDX and QQQ gamma weighted open interest into one level and then 436 as support alright so that is QQQ we'll also take a look at take a look at NDX for completeness and then we'll get back to NQ so here's NDX combo level around the same level as the QQQ combo level and note for NDX the call wall an absolute gamma strike both moved higher to 18,000 after remaining at 17,100 for quite a while this level did act as resistance somewhat earlier today then support and now the SB500 I mean the NASDAQ has dropped well below that level now alright so that's NDX couple of combo levels as well as that 18,000 call wall in play and note there's a difference in price between NDX and NQ as well today I'm using 78 77 78 points alright so again I have my own cloud notes so I can show QQQ levels there's the QQQ 439 level acting as resistance also that combo level just below that big ground numbers and NQ and also again NDX there's the 18,000 level and then the 437 level that acted as a good launching point for along this morning alright we'll take a look at setups in just a minute and then to wrap up wrap up positional analysis I do want to see how market makers were positioned on the gamma curve at the beginning of the day what I'm looking at is gamma notional this is market makers position on the gamma curve at the beginning of the day for the SB500 NASDAQ and Russell 2000 note all these numbers are positive so a positive gamma environment indicates that for an index traders are short-calls market makers are long-calls that's what's by gamma assumes and hits the positive gamma environment and they have to train against price to hitch their delta exposure all these numbers are positive and they all with the exception of NDX which is typically very small all these numbers moved higher from Friday so gamma notional becoming more positive alright let's take a look at some setups now so everything that we've looked at so far other than the book map is based on static data spot gamma takes open-interest data from the OCC that's updated once a day sometime during the night they take that data they apply their algorithms proprietary algorithms to that data to come up with the levels that that I've been showing the key daily levels call walls put walls etc and I use that in my planning process and I'm also typically looking for reactions of those levels alright Caesar asked long gamma equal positive gamma right so think of it as traders in SPX maybe thinking of institutional traders they will have a portfolio of long stocks and a very simple way for them to hedge is to buy a put or in the case of the JP Morgan collar by a put spread and then they sell a call to pay for that they sell now to the money call and buy and out of the money put or put spread so that is the I think that's the basis of the assumption so traders are short calls market makers take the opposite side so they're long calls and that is positive gamma when you're long an option that's it that's positive gamma position alright so Caesar I hope that answers your question alright let's take a look now at some setups I'm gonna start with the SP 500 and spot gamma has made some changes to the charts here so I'm gonna step back out just a moment to show you what this is and I have separated outputs and calls typically the total hero signal is purple I'm just leaving it at calls because that is what what is driving the market today alright so what this chart is showing is the hero signal hedging impact real-time options this is available to spot gamma subscribers typically again that well I'll just show the total line alright so what this chart is showing is price for SP X with a white line and the hero signal again hedging impact real-time options so this is real-time now we're moving on to the execution part of my process that's why I don't like to jump from total to put and call this auto zoom alright so this is the hero signal showing options trades and market maker hedging activity oops wrong tool for a combined signal of SP X by XSP and ES futures so if you trade any form the SP 500 this is the signal you want to take a look at and a rising hero signal indicates traders are taking positive delta positions and they are buying calls which is what's going on today and or selling puts market makers take the opposite side and they have to buy futures to AES futures to hitch their delta exposure in a falling hero line indicates traders are taking negative delta positions they are buying puts and or selling calls market makers take the opposite side and they have to sell futures to hitch their delta exposure alright let's zoom back in on this chart alright I'm going to separate outputs and calls so I think this is showing a pretty strong correlation between options trades market maker hedging activity and price action in the SB 500 so now I'm going to separate outputs and calls so we can get more clarity about what is driving price so the orange line is showing calls when the orange line is rising that indicates traders are buying calls market makers are selling the calls and they have to buy stock to hitch their delta exposure and call buyers definitely in charge today quickest way to restore this is jump jump to another signal back to SB 500 alright so I'm going to just leave it like this alright so traders buying calls today note at the peak today this notional value was over 6.4 billion dollars and that is huge especially at this time of day 120 that is huge it's just a call buying frenzy that's what's what's been driving the market is a call buying again at at 120 over right around 6.4 billion again that's huge right Stephen asked never heard of XSP is that a that's just another version of SPX it's the same size as same size as spy but it has the same type of settlement as SPX right so again XSP I really don't pay much attention to it all right so let's take a look at some setups now I'm going to zoom in on the morning and obviously there was a great long somewhere between 1015 and 1030 so let's see what was happening so right around 10 o'clock traders they were buying calls they started selling calls they're also buying puts and then right around 1025 they started buying calls again started selling puts that's shown by the rising blue line again orange showing calls these line direction of these lines are shown in terms of delta so a rising orange line indicates traders of buying calls that's positive delta a rising blue line indicates traders are selling puts that's positive delta all right so right around 1025 both lines moving in the same direction that's a very powerful directional indicator indicating a good entry point for a long all right so let's go look at book map now and see where we could have gotten long all right so I'm going to zoom in all right so there was a bit of chop from around 932 right around 1015 and notice during this time there were some large traders coming with I coming in with iceberg orders this is not large size I'm looking at also the on-chart indicators again this is not very large but large traders are buying with iceberg orders they use to hide their size that's also shown by the rising light blue line price find support right around the spy 501 level the volume dots are showing market buy minus sell magenta dots indicate more sellers than buyers and green volume dots indicate more buyers than sellers so right around 1025 1030 aggressive buyers start to come in and yes find support right around the 501 level and this VWAP that's this line right here also provides a good entry point for long as traders started buying calls market makers selling calls buying stock to hedge their buying futures to hedge their delta exposure and then as price starts to move higher cumulative volume delta starts to rise that's the dark blue line and then also buy stop orders fuel the move higher that's the yellow line so you can see all the green volume dots moving on the way up these small green dots are buy stop orders that helps to fuel the move higher so as price moves higher buy stop orders fueling the move higher as well as traders buying calls right let's and then price finally primes some resistance just below this 5050 5050 level that was noted as resistance and the spot gamma am founders note and then the upper daily expected move for es just above that and we already saw that the spx upper daily expected move was just above as well all right so that was the long setup this morning the sp500 primarily driven by call buyers right let's take a look at nasdaq and we'll take a look at the current market in a in a few minutes so let's take a look at nasdaq very similar setup right around the same time trend break right at the qqq 437 level also vwap a lot of aggressive buyers coming in shown by the green volume dots and note the cvd was rising before that trend break also stop orders shown by the yellow line rising buy stop orders fueling the move higher all right let's go take a look at hero and then we'll take a see what traders were doing without options traders were doing all right so for the nasdaq i'm going to take a look at two signals here the first is the nasdaq signal and this combines indiax and qqq options trades into one signal i'm going to zoom in on the morning and sometimes this is in sync with uh the mag seven stock that uh mag seven signal that we'll take a look at in just a moment sometimes it's not but i do give precedence to the mag seven signal we'll take a look at that in just a moment all right so about the same time 10 20 traders start buying calls in indiax and qqq in just a couple of minutes later they start selling puts as well so in this case with this launch of the rally in the morning traders were buying calls and selling puts blue line orange line moving in the same direction very powerful directional indicator let's take a look at the mag seven signal zoom in and note this signal was chopping around until around 10 25 that's when price started to move higher traders started buying calls orange line writes rises pretty sharply traders buying calls and the mag seven stocks and price moves higher and let me just show you what this signal is at a full screen mode all right so this is a combined signal for the stocks known as the magnificent seven apple amazon google meta microsoft and vidya tesla and these stocks seven stocks make up a very large component of the nasdaq 100 and the also the sp500 uh very important signal to uh to watch every day all right i'm going to zoom back in on this chart now all right note the height of the day right around 11 40 options traders take the foot off the gas aggressive call buying in the morning then all of a sudden right around 11 40 they start selling calls and price moves lower so starting around 11 40 they were buying call buying puts and selling calls and no both notional value for puts and calls for today have turned negative now so at one time the call value was up to uh again around 900 million uh put value also positive at one point during the day at 11 40 all right so let's go take a look at nasdaq now so we know in the morning this call buying frenzy kicked off a rally in nasdaq there's the rally that i talked about call buyers in the mag seven stocks as well as ndx qqq aggressive buyers shown by the green volume dots bystop orders fueling the move higher and then nasdaq finds resistance at this combo level for ndx as well as the qqq 439 level and note for qqq the call wall is up at 440 so according to that still room to run higher for qqq right so looks like nasdaq trading around the lows of the cash session this is the cash open 930 right here right around 437 all right let's take a look some stocks and then we'll get to the live market all right so the first stock i want to take a look at so would so we know that traders were buying calls in the morning and i want to take a look at uh which stocks they were buying what was actually uh driving the market so first of all amd and let's go to hero go to amd somewhat of a choppy signal this morning but traders were buying calls they were also selling puts that was shown by the rising blue line in the morning and the rising orange line and now they started buying puts right around 1140 that time should sound familiar that was the peak of the mag 7 signal and then right around 1250 an hour and 10 minutes later they start selling calls and that was the high of day uh so far for amd right at 177 let's go back to bookman and now they are pretty aggressively selling calls and buying puts it's about time notional value for both puts and calls negative for the day so net they are call sellers and put buyers for the day let's go back to bookman there's that initial burst higher steady uptrend resistance at 177 remember put buyers already started 1140 and then the call sellers start and amd drops lower right the next is meta pretty similar pattern and let's go take a look at hero see what options traders are doing in meta zoom in so in meta traders were buying calls they were also selling puts calls shown again with the rising orange line also selling puts shown by the rising blue line blue line orange line going in the same direction very bullish quite the same whoosh higher as amd in the morning and right around 1130 call buyers take the foot off the gas and meta consolidates and then drops lower note the vertical lines here large those are large block orders institutional orders some large orders to sell calls let's go back to bookman so meta reverses lower at 479 just below the 480 key gamma strike all right steven i i'm not sure i understand your question he's asking in your opinion which do you think is harder to learn as a career trader options or a futures trader well if you're talking about trading options versus futures as a career i would say it's harder to make money trading options than it is futures that's my experience so you know there's a lot that goes into that i learned to trade options first as a premium trader and premium seller and you have to have a lot of money to to make money doing that and it takes a lot of risk with futures you know if you really study practice utilize book map i think just showing you know looking at what i'm showing every day with the options as a basis for your as your key tenant as your as an options for your analysis and then trading futures and book map with all the edge that you get i think that provides significant edge for just making daily income trading so i am saying i'm saying futures traders future trading is easier than options trades i hope that's what you mean so with options trades again you you have to have a lot of money to to make money in my opinion all right the next stock nvidia quite a big range in nvidia today let's take a look at uh hero and see what options traders were doing go to nvidia and the morning note the times here 10 20 let's zoom in on this note the time here flow alert 1025 that should sound familiar traders start aggressively buying calls nvidia had already been moving higher they were actually uh they were actually already buying calls start more aggressively 1025 and then options call buyers take their foot off the gas at 1140 that time should look familiar and then nvidia starts to move lower no during this time they were already buying puts let's go back to book map launcher vwap 1025 1140 call buyers take their foot off the gas and nvidia moves lower all right does anyone have any stocks they want may take a look at i'll be uh be glad to do that otherwise let's go back to the uh sp 500 and the nasdaq start with the sp 500 zoom in on this a bit right so the move lower continues now let's go see what options traders are doing go back to the sp 500 so traders started selling calls right around 120 started more aggressively buying puts let's go back to the total signal you can see the uh correlation a little better between options trades and uh price action right around 120 sp 500 starts to drop let's go back to mag seven mag seven signal making lows of the day and nasdaq the same let's go back to book map and steven just let me clarify that the setups that i talk about again uh can be taken any number of ways if you want to buy and sell uh puts and calls uh the only difference there's some differences in doing that in futures trading um and when i was talking about having a lot of lot of large money large account that was for selling premium selling uh naked puts and calls if you want to buy puts and calls versus trading futures uh there's some advantages and disadvantages the disadvantage is you're paying that time premium uh you're there's a time penalty so if you buy or sell a put or call and price does not move in your direction in a timely manner then you are um eventually going to lose money uh on the other hand if you trade futures there is no time penalty uh but you are uh there is leverage there so um you know you're dealing with that leverage and and a stop you you know your stop may be hit and um then price move in your direction you don't have to worry about that with options it's a defined risk so there's really uh i think really for either um if you're looking at options trades as the basis for your analysis and the looking at order flow and book map i think that provides a significant edge for any type of directional indication uh in trading whether you're trading futures uh equities or options right so i hope that helps to uh clarify but i have a hard time buying and selling puts and calls uh especially calls before because of the volatility penalty and the uh and the time decay right so one the man asked those dots and book maps some are red others blue green etc right so what's the difference all right so first of all um there are the volume dots i'm not sure which dots you're talking about the volume dots those are the main dots those are just showing market buy minus sell magenta dots indicate more sellers than buyers and green volume dots indicate more buyers than sellers green volume dot magenta volume dot all right the other dots that i have on the screen are first of all buy uh iceberg orders that's what you're asking all right the iceberg orders this blue here indicates a buy iceberg order that's that's kind of squiggly signal with an e that indicates uh that was a buy iceberg order 100 contracts executed and then the that's a sell iceberg order i have that above price and that's shown with that magenta squiggly that's showing 287 contracts executed those were sell orders i also have stop and stop orders buy green buy stop orders and red sell stop orders all right uh slow to rise he says vix highs plus 7.42 percent let's take a look at a chart of vix it has uh uh that is thanks for pointing that out let's zoom in on today so vix has been up all day today that's shown in the uh dark area of the cash open vix has been up all day today uh remember in q es rising mag seven stocks rising the morning even as vix was rising all right so slow to rise he thank you very much for pointing that out all right cesar asks does that massive move down have a lot of options premium behind it behind it i'm not sure exactly what that means there are definitely options traders driving price action we'll take a look at hero hero for sv 500 and we know that traders started selling calls and buying puts so if that's what you mean yes uh options trades are really driving price here's nasdaq same thing mag seven all right so options traders really driving price today let's go back to put some calls so earlier today it was call buyers then call sellers driving price again looking at the orange line all right one the man asked how can i tell one a dot is a stop order or a buy order or an iceberg order all right so then there's a different different icon different color the squiggly icon with the e those are iceberg orders i typically use blue or green for a buy and red or magenta for sell so those are iceberg orders that's that uh squiggly little icon there and then stop orders with the red dot those are sell stop orders again red for sell and green for buy all right lucky lucky nugget says i just paid back my 400 loss into 161 great glad to hear that all right let's go take a look at go back to hero so caesar says looks like they sold their puts fast yeah call buyers and sellers still still driving call buyers still driving but puts as well this is pretty typical in a positive gam environment we're not looking for a strong downtrend in a positive gam environment at some point options traders are going to come in and they're going to fade the lows in the highs that's typical in a positive gam environment so let's see if this continues now it looks like the hero signal is starting to move lower again let's see what zero dte traders are doing that's shown by the the green line or the teal line purple line is showing all trades all expirations and the green line is showing options trades this is the next expiry so for the sp500 these are options trades that expire today so it looks like options trades that expire today shown by the green line making up about two-thirds of the total uh notional value trader today turn that off let's go back to book map so remember this morning this 501 5023 level what support sp500 broke below that let's zoom in now iceberg sell orders iceberg buy orders more iceberg buy orders coming in let's go back to hero see what options traders are doing looks like this may be uh the start of a pullback flag entry or it could be uh lower high so it looks like right now some aggressive buyers are coming in let's see what options traders are doing see if they're so far not really supporting the move higher check the mag seven signal hero signal still moving down for the mag seven stocks nasdaq also making lower highs let's go to a shorter look back period see if uh looking instead of the entire day's worth a day looking the last 30 minutes today to see if that provides a little bit more clarity yeah it does so it looks like right around 150 traders started taking positive delta positions hero making a higher low let's go back to book map so right now consolidation around the 501 level let's go back to hero and i would really look for hero to start moving higher before looking for a long let's go back to the one day look back period still not seeing that back to put some calls like easier to look at the total signal there i usually find uh price action and the hero signal a little bit easier to read in the morning than the afternoon so i thought the uh the long setup that i talked about this morning was uh was definitely a little bit more clear check bag seven nasdaq still making lower highs check nasdaq nasdaq still making lower highs looks like some large traders are coming in with iceberg orders note the rising light blue line all right so so far today it looks like the uh never want to say the easy money but the better trades were the long in the morning than the short around 11 40 12 as options traders took their foot off the gas then shift from positive negative to delta uh negative delta all right i'm going to wrap it up my time is up one last question ferro ask sell or buy ice iceberg order so the rising rising light blue line indicates this is in some mode or cumulative mode indicates buy our iceberg orders that's also shown by the on-chart indicators here the blue icon so those are buy iceberg orders all right i'm going to wrap it up i want to thank you everyone for watching thank you very much for your questions and comments i really love it when you ask questions makes for a great interactive session so thank you remember tomorrow cpi data comes out at 8 30 a.m eastern time and we will talk about it tomorrow all right everyone thanks again i'll see you tomorrow bye