 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. each time. Hope everyone is staying warm there. It is supposed to be very cold here. It's been snowing today, so very cold today. Hope you're staying warm. Before I get started, I need to go through the Disclosures, General Disclosure, 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an option stash Doug chat channel. That is 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. Also note that Bookmap Discord is free and available to everyone whether you subscribe to Bookmap or not. There's a lot of great content there. Very active community of traders working together, trying to help each other become better traders. I'm also on X, formally known as Twitter. My name there is at Doug Place. The focus of my presentation today and the focus of the options stash Doug chat channel is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders or market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset and setups in that asset can be taken any number of ways. For example, the S&B 500 setups can be taken with the S futures, Smy shares, Smy options, SPX options, or even ES options. The setups that I will talk about today are mostly applicable to intraday trading but they, depending on your time frame, they could work as well for longer time frames. Questions and comments are welcome and I will be watching both the options-duck chat channel and discord as well as the chat and YouTube real questions and comments. Please feel free to post and I'll do my best to answer your questions. And hello. Sorry, I can't pronounce the name or most. Sorry. Hello. Welcome. Glad you're here. Demo trader. Good afternoon to you. Welcome. Glad you're here as well. All right. Here's my agenda for today. Friday, January 19th. First of all, I want to go over news items, economic data and events. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then I'll talk about the live market. 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. Also, I'm always looking for feedback. If anybody has any comments, feedback on my presentation, please post it. Better in discord. You can send me a direct message in discord or post in the options-dug chat channel. I want to do what you want to hear. Talk about what you want to hear. All right. Let's get started. News items, economic data and events. So a couple of data released today in a key event. First of all, the options expiration. This is the January monthly options expiration. It is very call dominated both in the indexes and in individual equities. I'll talk about that in a few minutes. Then Michigan consumer sentiment came out at 10 a.m. and that was greater than expected and also greater than the previous number. So Michigan consumer sentiment better than expected, better than previous. Again, I'll talk about options expiration in just a couple of minutes. Let's move on to positional analysis now. I'm going to start with ESB500. This is the ES Futures and Book Map. What a trend today. Beautiful uptrend. Before I take a closer look at this chart, I do want to take a look at the underlying index, which is SPX in a larger time frame. First of all, this is the SPX in a one day chart. This is in thinkorswim. Let me point out a couple of key events here. First of all, this current rally began October 30th for a variety of reasons. Ivy claps put Vanna Rally lower than expected. I'm going to take a look at the CPI or inflation reports and Dovish FOMC and note this rally up until today has had found resistance at 4,800 and it looks like SPX is breaking out above 4,800 now. I believe if price closes here, that will be an all-time high for SPX. Let's take a look. This is a one day chart. Zoom in on time frame just a little bit. Go to a one hour chart. This is a 30 day one hour chart. Here's the 4,800 level. Note at the end of last year, SPX could not make it up to that level. Then last week, SPX found resistance right at 4,800 and then finally today, then finally today, SPX appears to be breaking out firmly above that level. Excuse me, a little scratchy throat. That's the key 4,800 level. Note that is not the call wall. That is the absolute gamestrite. The call wall has moved higher. I'll talk about that in just a moment. That 4,800 level was the call wall on Tuesday moved up to, yesterday moved up to 4,900 and then now has moved up to 5,000. Before I get to the spot gamma levels, let me point out first of all the expected moves. This is the expected move for the week, the dash purple lines, lower and upper weekly expected move. It looks like SPX is heading up toward the upper weekly expected move. That's based on the options market. It's updated once a week. I update that over the weekend. Then the dash blue lines are showing the lower and upper daily expected move. Again, that's based on the options market updated every day. SPX training firmly above that upper daily expected move. The dark red lines are showing spot gamma levels. Let me zoom in on this just a bit so we can see these more clearly. The dark red lines are showing spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers. They're showing on a variety of trading platforms. This is Thinkorsquam, again a one-hour chart. Let me point out the key daily levels. First of all, 47.50. That's the put wall. That's a strike with a large net negative gamma that can be expected to act as support. Note that level did move up pretty substantially from yesterday. So yesterday the strikes widened out quite a bit. The key daily levels put wall at 4,500. Absolute gamma strike up at 5,000. And now today the put wall has moved up to 47.50. So a pretty substantial jump higher in the put wall. That's bullish. The next level up is the volatility trigger. That's at 47.65. And that is spot gamma's proprietary gamma flip level. Below that level market makers position on the gamma curve is negative. In a negative gamma environment 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 market makers position on the gamma curve is positive. In a positive gamma environment market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And that level also moved up from yesterday. So that's bullish as well. The next level up is 4,800. That's the absolute gamma strike. That's the strike with the largest absolute positive and negative gamma. That's where most of the gamma weighted open interest is concentrated. And that has been a key resistance level for quite some time as I pointed out before. And now it looks like SPX is trading pretty firmly above that. And if SPX continues to trade at this level that will be a new high for SPX. And note the absolute gamma strike did move lower from yesterday. From 5,000 yesterday down to 4,800. And now the call wall has moved up to 5,000. That's the strike with the largest net. Positive gamma. That can be expected to act as resistance. Not in play now, but if that remains the call wall it could be in play sometime in the future. All right, so very bullish. Shifts higher in levels for the SPX. Volatility trigger put wall and call wall all shifted higher. So a hat trick for SPX. The most asked, how can I learn about book map? Go to bookmap.com. Look for the learning center. And there's a lot of great information there. A series of videos. So that's the best way to learn the basics of book map. All right, let's take a look now at one other SPX chart. And this is a one minute chart. I'm showing just a little over three, about two and a half, maybe three days worth of data, the dark shaded areas, regular trading hours. And the current trend began on Wednesday with a low of around 4715. And now SPX trading up almost at 4830. So the levels in play for today, here's the 4,800 level. Absolute gamma strike. And then the upper daily expected move just above that. There was some consolidation at that level acting as resistance. Zoom in on this. So 4,800 acting as resistance earlier today. And setting up a couple of counter trend shorts. Also counter trend short at the upper daily expected move. And now 4,800 acting as support for this afternoon rally. And again, remember the call wall is now up at 5,000. So that potential ceiling for price is substantially higher. And Soto Rossi says spying QQQ trading above the call wall. So yeah, that is true. And thank you demo trader for posting that. Thanks again. All right, so now let's get the book map. So this is the ES futures and book map. And I look at ES as a derivative of SPX. So I'm looking at ES in terms of SPX and spy prices. So I have my own cloud notes. So I can show SPX levels. There's that SPX absolute gamma strike at 4,800. Resistance, then support. I also have spy levels on this chart. And as Soto Rossi points out, SAP 500 is now trading above the spy call wall at 480. So I have spy levels on this chart as well. And here's the, for example, here's the ES, upper daily expected move. I'll point this out, the interaction in this range in a few minutes. All right, so I have SPX levels on this chart, spy levels. Here's the spy 477 large gamma three level that acted as support and kind of a launching point triple bottom. Or maybe it's a double bottom. We'll take a look at that. For a move higher, the rally beginning just after 10 a.m. All right, here's the upper weekly expected move for ES. So I have SPX levels, spy levels, and also key ES levels on this chart. Note there is a difference in price between ES and SPX. And today it's right around 30 points, maybe a little bit over 30. So that's what I'm using. So I'm showing SPX 4800 at ES 4830. And note that I post all of the index relationships that I'm using. I was a little bit late this morning, busy trading. But I post all the index relationships that I'm using in Discord, trying to do that by 10 a.m. All right, I talked about shifts and levels for SPX, hat trick higher. And then for spy, volatility trigger also shifted higher. Put wall shifted lower, just one point to 470 from 471. And then the absolute gamma strike shifted higher. So two shifts higher essentially for spy also bullish. So based on that, based on those shifts and levels, my thesis for the day for the SMB500 was bullish. All right, let's take a look at NASDAQ. All right, so it was NASDAQ that had the triple bottom there at QQQ415. All right, so this is the NQ Futures and Bookmap, very similar chart to ES. And before I take a closer look at this chart, I do want to take a look at QQQ, looking at just one day to isolate the levels in play for today. So here's QQQ, chopping the morning between this combo L2 level, combining QQQ and NDX, gamma weighted open interest, into one level in this chart shown in terms of QQQ price. Also note a slow to Rossi points out QQQ trading above the call wall. Here's another combo level acting as resistance, then support. And the afternoon rally has started right around 12.15, 11.45, 12.15, somewhere around there and continues higher. QQQ may find resistance at 420. All right, back to Bookmap. Let's take a look at NDX real quick. All right, so here's the rally that began on Wednesday. And that's currently the zero gamma level. NDX slicing through a bunch of levels, now trading above the call wall at 17,100. All right, shifts in levels. So for QQQ, also a hat trick. Volatility trigger, call wall and absolute gamma strike, all shifted higher. And then for NDX, all four levels shifted higher. Volatility trigger, put wall, call wall and absolute gamma strike. So very bullish for the NASDAQ as well. All right, let's go back to Bookmap now. In Bookmap, I have my own cloud notes. So I can show QQQ levels. There's that 415 level, QQQ415, which is the current call wall acting as support, not doing its job as acting as resistance. And then here is the NDX call wall, 17,100. So NASDAQ trading above those levels. I also have key NQ levels. And it looks like I maybe need to add more. Looks like this 350 may be the last red level that I have. Those are the big brown numbers in NASDAQ NQ, the zeros in the 50s. All right, so NASDAQ NQ also trading well above its upper weekly expected move. And we'll talk about setups in a few minutes. So those are the levels in play for today. So for NASDAQ, QQQ415, call wall, more or less acting as support. All right, Caesar says, Spot gamma had been mentioning today's X-Bree could cause some pullback, but now I'll pull back to where. Yeah, this is not necessarily playing out as expected, but just ignoring that options expiration dynamic, which may take place next week. We'll see. So we'll watch that carefully on Monday. So be sure to tune in on Monday. But today, I think really just governed by the, you know, if you just look at the basics, the shifts and levels, all, you know, very bullish shifts higher in levels for SBX by NDX and QQQ, you know, definitely led to a bullish thesis today. All right, so let's, we'll talk about more about that expiration dynamic in just a moment. Let's just take a quick look at Gamma Notional to see how market makers were positioned on the Gamma Curve at the beginning of the day. Here we go. All right, so this is Gamma Notional. This is market makers position on the Gamma Curve at the beginning of the day for the SMB500, NASDAQ, and also 2000. And the moves in these levels were mixed. So for the SMB500, all Gamma Notional shifted higher for SBX and SPI, also for QQQ, shifted higher and not much of a change in NDX. I really, that number is typically so small. I don't take, I don't watch that. And then for IWM and RUT, the numbers shifted lower. So more negative for the Russell 2000 and then more, less negative for SPI and then more positive for SBX and QQQ. So as I mentioned before in a positive Gamma environment, market makers have to trade against price to hedge to adult exposure. That tends to subdue or decrease volatility. In a negative Gamma environment, market makers have to trade with price to hedge to their delta exposure and that tends to enhance or increase volatility. So I interpret that this positive for SBX, negative for SPI is somewhat neutral. All right, so that's Gamma Notional at the beginning of the day. And if this rally continues, typically you would expect Gamma Notional to increase. All right, let's take a look at that options expiration dynamic now. What this chart is showing is market makers delta notional on the vertical axis, expiration on the horizontal axis. And this large bar over to the left, this is today's expiration. And the orange bars are showing call delta notional, positive delta notional, blue bars showing put delta notional or negative. So this is indicating this is expiration is very call dominated by a pretty significant amount. Excuse me, thought I had to sneeze. All right, so call dominated expiration. This chart is showing this delta notional for the SMB 500, NASDAQ, and also 2000. So this is the index delta notional at expiration. And the equity, single equity expiration is very similar. So the takeaway from this is there should be a lot of calls that are expiring today. And one way to look at that, a typical reaction after a call dominated expiration is some pullback, some mean reversion that as Caesar points out, spot gamma has been been talking about that. And another way of looking at that is that just is going to release some of the call gamma that has been a restraining price. And that may be happening today with SPX breaking out of its range to a all time high. So maybe that's taking place today. Monday will be interesting to see the reaction to the price action today and this expiration. So again, the typical reaction that I would have expected just like spot gamma was expecting would be some consolidation after a call dominated expiration. But it looks like this may be just expansion of the range. Breaking out of that 4800 ceiling. All right, one other thing that we can take a look at. So this is for the indexes. Again, the SP500 NASDAQ and Russell 2000. We can take a look at some individual equities. So this is equity hub in spot gamma. I have my watch list shown down below. And this watch list is mostly large cap tech stocks, Mag7 and a couple of other stocks, Netflix, AMD. What I've done is I've ranked this watch list as the next expiry gamma percent. So this is the percent of gamma that is expiring and this is the gamma expiration date shown right here. So this is all today. And that's typical on a monthly expiration. And note any number over 30% is significant. So all the numbers shown on this portion of the list are over 30%. This is very significant. So this is what we're going to be comparing today. One setup is a call gamma unwind that can occur at expiration. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. And as expiration approaches, those calls start to lose value, delta decreases. So market makers want to remain delta neutral so they can sell some of their long stock edge. They no longer need to hedge their delta exposure. And that can occur at expiration. It may occur on Monday. We'll see. If traders come in and start buying calls again on Monday, then that will not happen. So I have Netflix shown here at the top of the list. And this green portion is showing the area that is dominated by calls. That pivot point is right at 495. So green showing this portion of these strikes dominated by calls. And then the red portion dominated by puts. And we'll take a look at Netflix when I get to the setup review. So just keep that in mind. There's a lot of gamma expiring for all the stocks on this list. And note that NDX and QQQ are at the top of this list as well. So Netflix at the top, then NDX, QQQ and then a number of stocks that you would expect like NVIDIA and AMD also on that list with a lot of call gamma expiring. All right, let's take a look at some setups now. So again, my thesis for the day, the shifts and levels for SMB500 and NASDAQ was bullish. And again, the typical expectation for a call dominated expiration is a consolidation pullback mean reversion so far not happening today. All right, so let's take a look at setups so that I know that may be kind of a mixed view. But again, given the shifts and levels just watching order flow and hedging flow the price action hedging flow, order flow was all bullish today. All right, so let's take a look at some setups now. I'm going to start with the SMB500. This is the hero chart. So everything that I've looked at so far other than book map has been based on static data. Spot gamma takes that data, takes open interest data that's updated once a day. They apply their own proprietary algorithms to come up with the levels and the information that we looked at and that I use in my thesis for the day to my planning and develop a thesis for the day. And now we're going to take a look at real-time data. So go to the execution portion of my process and talk about some setups. I'm going to start with the SMB500. So this chart is hero, hedging impact real-time options. So this is showing real-time data. It's showing price for SPX with a white line and options trades a market maker hedging activity for a combined signal of SPX, SPY, XSP, and ES futures. So what spot gamma is doing is they're taking options trades for all those instruments and the market maker hedging activity and they're combining it into this signal. So our rising hero line indicates traders are taking positive delta positions. So when traders take positive delta positions, market makers take the opposite side of that and they have to buy futures to hedge their delta exposure. All right, let's zoom in on this chart now and I'm going to focus on, first of all, this morning setup. So note, initially the hero signal was bearish and then just before 9.50 a.m., hero signal shifted higher. So this shows a shift in options trades and hedging flow from negative delta to positive delta. Traders started taking positive delta positions and then price moved higher, kind of choppy deeper pullbacks initially in the morning session. And this setup looked like it was going to set up a short reversal just above 4,800. And that was right around the upper daily expected move, I believe. All right, so let's go take a look at book map now. Go back to ES. Sorry, give me just a moment to zoom in this chart. Get it set up so we can look at just this, just look at the morning session here and note that I am using version 7.5 book map now. And this has been upgraded from alpha to beta this week so I went ahead and updated to 7.5. All right, so here's the setup. The traders started taking positive delta positions right around 9.50 and price reversed higher right at this SPI 477 level. The volume dots here in book map are showing market buy minus sell, magenta dots indicate there are more sellers than buyers, green volume dots indicate more buyers than sellers. In order orders this is what drives price. These aggressive buyers and sellers note that price consolidated around that 477 level for several minutes and then finally reversed higher as aggressive buyers started to come in and then found resistance at the 4,800 level and that was pretty much to be expected. Let's take a look at one other thing and for the, well let's, I'm going to zoom in on this just a little bit more so we can see this a little bit more clearly and this is something that you can anticipate and book map helps you to visualize it is a stop run into a key level like this. So note a little bit of resistance here at VWAP and then the stop run, the chart move higher up to 4,800 so a couple ways to play that. If you weren't already long, get long anticipating the stop run up to 4,800 and in this case the 4,800 did act as resistance. The stop run shown by the yellow line here in the sub chart. Also the on chart indicators, these small green dots. So stop run up to 4,800 and we'll see a couple more of those and then price reverse lower back down to 4,77 then started making a series of higher highs and note cumulative volume delta shown by the pink to dark blue line starts to rise. Let's go back and take a look at hero. So here's that, let me zoom in on this just a bit. So here's that pull back right around 10,10 right back to 4,77 and then price starts to move higher and then just a few minutes later trader started taking positive delta positions again. So in the case of this second pull back hero was a little bit of a lagging indicator more of a confirmation as price started to move higher. Alright so aggressive buyers start to come in and like I said before kind of deep pull backs but price overall moving higher just adjusting the size of the volume dots a little bit. Alright here's the second stop run up to 4,800 shown by the on chart indicator also the sub chart indicator again as price approaches that level something that you can anticipate watch for in book map and you can set yourself up for that and price continues to make pull backs continues higher and here's another stop run so here's the stop run into 4,800 and a stop run into the upper daily expected move that's the upper daily expected move for ES again shown by the shown by the on chart indicator as well as the sub chart indicator in that level initially acts as resistance price moves back down to the 4,800 absolute gamma strike and note all the iceberg activity around that level that is these are all by iceberg orders that's shown by the rising light blue line also that's on the sub chart and the on chart indicator this is showing that large traders start buying weakness that's pretty typical with iceberg orders these are large this is pretty decent size 3,800 that is 3,800 contracts 18 different executions if I zoomed in more you would see seedless consolidation of more of these individual executions so as price moves down toward 4,800 and down just below large traders coming in buying with iceberg orders note also some liquidity comes in this is the heat map and book map showing history the limit orders in the order book some buy orders limit buy orders come in more chop another test of 4,800 aggressive buyers and then price breaks breaks above 4,800 and the upper day they expect to move for the afternoon rally let's go back and take a look at hero so this reversal lower really didn't play out price continued to move higher so that right around 11, 10, 11, 15 that looked like maybe a potential reversal lower at the upper day they expected move and that didn't play out so let's go back and take a look at that time frame 11, 15 something like that so that's right around here this test of the upper day they expected move good for a counter trend short with that stop run up to that level back down to 4,800 but that didn't last long with again the large traders coming in with iceberg orders alright so the afternoon rally continues ES now trading above it and just continues higher and very mechanical move higher note the buy stop orders continue to fuel the move higher that's shown by the yellow line as well as aggressive buyers shown by the dark blue line and large traders are fading this with iceberg orders that's shown by the falling light blue line let's go back and take a look at hero zoom out so this almost has a kind of a mechanical algorithmic look toward this afternoon note this number while decent at 4.2 billion positive is not huge I think a couple of Mondays ago it was up to 10 or 12 billion that was the second week of January the Monday and the second week of January that number was huge 10 12 billion something like that let's just see what traders are doing so they are buying calls and buying puts calls shown by the rising orange line call buyers driving price action today when traders buy calls market makers sell the calls and they have to buy in this case ES futures to hedge their delta exposure they're also buying puts shown by the negative notional value and the slightly falling light blue line blue line yes Caesar says he remembers that day it was the 8th of January so I think that may be right huge rally let's zoom in on this just a little bit so again call buyers definitely driving price action starting right around noon or so 1215 all right let's take a look at Nasdaq so this is the hero signal for Nasdaq and it is also bullish I have been looking at this mag 7 signal for for Nasdaq what this is is a combined signal for options trades market maker hedging activity for a combined signal of stocks known as the Magnificent 7 Apple, Amazon, Google, Meta Microsoft, Nvidia, Tesla all right so I spent a lot of time on ES and let's just take a quick look at Nasdaq and then we'll take a look at some stocks in the live market go to Nasdaq very similar chart in this case icebergs are in line with price so all the sub chart indicators that I have on this chart icebergs shown with light blue stops shown by yellow and CVD cumulative volume delta shown with dark blue all positive and support at the QQQ for 15 level that's the call wall acting as support and the rally especially this mechanical rally and around noon continues higher also above the India call wall and well above the NQ upper weekly expected move all right let's go take a look back at hero for the mag 7 zoom in on this traders of buying calls and selling puts notional value for both the blue and the orange orange calls and blue puts both are positive indicating traders are buying calls and selling puts market makers take the opposite side of that and they have to buy stock to hedge their delta exposure let's take a quick look at some stocks that were in my watch list ranked by negative x3 gamma percent so here's netflix so a little bit of a call gamma unwind here note the falling orange line traders have been selling calls today let's go take a look at book now alright so for net Netflix sharp drop at the open and then consolidation let's go back to hero and this this price action and hero signal pretty typical sharp drop in the morning or sharp rise either one and then the hero signal slows down and price consolidates alright the next on the list was nvidia and no call game on one for you for nvidia note the 580 call wall breach of that level little bit consolidation at that level and price moves higher note the timely flow alerts in the morning indicating significant options activity let's see what traders have been doing and they have been buying calls and selling puts calls again shown by the rising orange line when traders buy calls market makers sell the calls they have to buy stock to hedge their delta exposure one other dynamic here is this breach of the 580 call wall so that's where most of the calls are located as price moves above that level so traders a long calls market makers are short calls as those calls go further in the money their delta increases and market makers have to continue to buy stock to hedge their delta exposure with those short calls going further and further in the money and gaining value so no call game unwind today for nvidia let's take a look at AMD next on the list skipping over QQQ and indiax QQQ that were on that list just going with the individual stocks so right around 1010 traders started taking positive delta positions in AMD note the again the timely flow alert let's see what traders were doing buying calls so let's go to book map and we'll take a look at nvidia so very very bullish day in nvidia here's that 580 call wall note there's some consolidation around that level also the large amount of liquidity just slowed down price a little bit so very bullish day in nvidia traders continue to buy calls and sell puts take a look at AMD and here's that reversal right around between 162 163 note the aggressive sellers on the way down aggressive buyers start to come in and price makes a series of higher highs quick look at hero let's see if there are any gamma levels at 170 nope just a lot of liquidity alright so those are the stocks that I wanted to take a look at so again monday is going to be an interesting day to see how that plays out alright WRB wants to take a look at Tesla let's go back to the total signal so the bearishness in Tesla continues note 210 is the put wall price trader below that now trading back above let's go take a look at book map go to Tesla up and down day for Tesla remember 210 is the put wall hedge wall some consolidation in that level then acted as resistance and now price is trading back above that so Tesla trading higher in the afternoon with everything else right Caesar asked how do you reconcile what you see on the book versus what you see on spot gamma for example an area where you see lots of resistance in the book I assume you mean order book versus a very bear bullish spot gamma signal positioning alright so the way I look at that is if I see a potential resistance level in book map and let's go back to this, go back to ES alright here's the reversal lower that I mentioned before at the upper day they expected move so that's not a spot gamma level excuse me that's not a spot gamma level but that is a level that I do expect could act as resistance let's go back to hero now, go to S&P 500 so what I'm looking for in that case here we can zoom in on it S&P 004 right around that level was the upper day they expected move so in this case I see this may not be the exact answer to your question Caesar but I see hero rising then starting to fall and then price consolidating around that level so I'm looking for a short at this point so this would be counter trend but this is a divergent signal one of my favorite setups looking for a hero and price to push up to a potential resistance level and for heroes starting to move lower and then I'm just watching book map for a reversal so again in the case of today just a counter trend trade but good for good for a few points from oh good for at least you know about eight points in NES if you caught it right at this so we know there's a stop run up to that level couple of stop runs one the first up to 4800 the next up to 4800 actually the upper day they expected to move 48.008 sorry 48.008 that is at ES oh I'm sorry that is the SPX upper day they expected to move at 48.08 and the upper day they expected to move so right in line at ES 4838 so I sees the stop run up to that level the reversal as traders were starting to take negative delta positions and then a break below below the SPI 479 level. Also note that there were some iceberg orders coming in, sell iceberg orders. So that was again just a short countertrend short, but a pretty clear read watching that divergence in hero and price with the stop run up to potential resistance at the upper daily expected move. So that was both the SPX and ES upper daily expected move right in line with each other. So Caesar says, so would it be fair to say that you get the setup from spot gamma and the confirmation from the order book? Yeah, that would be fair to say. So when I'm trading, I'm watching, I actually have three screens. I have hero on one screen, book map on another screen to the my trading platform on another screen. So I'm watching all the same time and just anticipating what especially what I see in hero and in book map and then executing on my trading platform. And Marcio says good afternoon. Welcome glad you're here. What asset are you operating? I'm not sure what you mean. I'm looking at ES. So this is the ES futures in book map ES futures. So I'm not sure what the B three USD BRL is. So again, this is ES futures in book map. Alright, so Caesar glad that was helpful. Hope that answered your question. Alright, let's take one last look at the market now. So for the ES, large traders continue to sell with iceberg orders. Here's another stop run. And that was met stop run. Yellow line met by large traders with iceberg orders and price reverse lower note the aggressive sellers coming in another counter trend short. Let's see what options traders are doing now. And then I need to wrap it up. Alright, so now it looks like options traders are starting to put on the brakes just a little bit. Hero making a lower high, kind of a head and shoulders top and hero there. Take a look at we'll take a look at the mag seven. Alright, so here also in this shorter timeframe making a lower high could just be another pullback. Let's go back to book map. Take a quick look at NASDAQ. So NASDAQ may be slowing down just a little bit. Some aggressive sellers started come in. Alright, so everyone I want to thank you very much for watching. I think Monday could be a very interesting day to see how this options expiration plays out looks like we're going to have to wait until Monday to see how that plays out. Alright, everyone. Thanks again. Thanks for watching. Thank you very much for your questions and comments. I hope I was able to answer all your questions. If not, please feel free to post in discord and I'll do my best to answer your questions. Thanks again. Everyone have a great weekend and I will see you on Monday.