 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel on Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading in the first is 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. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in Spot Gama Hero to confirm my thesis and for setups for entries and exits. And I will be talking about setups today and just to be clear, my analysis is based on the options market and order flow. But the setups I will be talking about, I'll just be talking about an underlying asset and those setups can be taken in any number of ways with futures, shares of stock, or 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 any questions or comments you might have. Let's get started. When I want to cover today, go over economic data and events for today. There was a key data release this morning. And then I'll briefly talk about what's coming up next week. Then I'll go through my positional analysis, my planning process for the day. Then I'll review a few setups. And then we'll take a look at the live market. And when we get to the live market, if anybody has anything that they want me to take a look at, please let me know. Stocks, other stocks than what I have planned to talk about. All right, let's get started. First of all, economic data for today. The big number for today was the U.S. non-farm payrolls at 8.30 a.m. Eastern time, shown here, came in lower than expected and also lower than the previous number. And there was quite a reaction, both up and down to this number. We'll take a look at in a few minutes. And then the other numbers, the average earnings, looks like a little bit better than forecast, employment rate inline. All right, so that's the data for today. Now next week, there will be a couple of key data reports. I'll talk more about this on Monday. But CPI and PPI come out next week. So again, I'll talk more about this on Monday. All right, let's get started with positional analysis. This is the S&P 500 futures in book map. And just to point out, this is the data release at 8.30 a.m. Eastern time. Initially, a very bullish reaction and rejected around the SPI 440 SPX 44-15 level price reverse lower, found support. Looks like an inverse head and shoulders there throughout the morning. At the SPX 4400 level, that is a very key level. That is the absolute gamestrike for SPX. By the way, can anybody hear those alerts? I have alerts set for stops in icebergs. Just curious. In Discord or in YouTube. All right, so I will assume not. All right, so levels in play. And this really took a while to play out. A lot of chop in the morning. And then price, finally, reversed higher. Right around the typical 10.30 a.m. reversal. Cole says he can hear them. Let me thank you, Cole. I'm going to turn these off. Okay, thanks again, Cole. All right, so levels in play. Primary levels as support. Very clear. The SPX 4400 level and the SPI 439 volatility trigger. Before I go take a closer look at this chart, go in any further. I want to take a look at a larger time frame. This is the SPX chart for and think or swim showing 30 day one hour. This is a 30 day one hour chart. Let me point out some levels on this chart. The dash blue line showing the lower and upper daily expected move for SPX and note now that SPX is right up at that upper daily expected move. And then the dash purple lines are showing the lower and upper weekly expected move. And so far, SPX is appears to be just about unchanged for the week right in the middle of that range, maybe a little bit lower for the week. They're also this chart is also showing key spot gamma levels. For SPX, there's the SPX 4200 put wall. That's a strike with a larger net negative gamma that can be expected to act as support that is not in play, obviously. The next level up is the 4400 level that I mentioned before. That is the spot gamma absolute gamma strike a very key level by far the most gamma put and call gamma is located at that level. And then just above that is the volatility trigger at 44 10. This is spot gammas 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. We'll take a look at the Vanna model in just a minute and that will become more clear showing how market makers delta notional changes with changes in price and implied volatility. So SPX is now trading above that 4400 level as well as above the volatility trigger and the lower weekly expected move it tested that level earlier. And then the next level up is the call wall at 4500 and also the volatility trigger again spot that a spot gammas proprietary gamma flip level above that level like SPX is trading now. Market makers position on the gamma curve is positive. So that's the current condition. In a positive game environment, market makers have to trade against price to hedge their delta exposure. Alright, so let's take a look at levels that are in play for today. Let's go to a one day one minute chart. Got the same levels on this chart. Here's the volatility trigger. And in the morning, there was a lot of price action above and low that below above and below that level. And note that SPX opened just above opened and move down just above the lower weekly expected move and has been trading up. And then finally this upper daily expected move at about 4440 is acting as resistance so far today. Alright, let's go back to book map now. So we see the levels in this larger range as well as the SPX levels in range for today. In my book map chart, I have I'm showing the same levels, the same SPX levels as well as spy levels. And there's the upper daily expected move for ES. And that is just about at the same level as the SPX level. And then SPX levels again, there's the 4400 level. And note there's about 35 point difference between ES and SPX. So ES 4435 is equivalent to SPX 404400. And note that now I am just showing my column of cloud notes. The spot gamma cloud notes were not updated. They were still showing a 47 point difference between ES and SPX. And that's just not correct. So I just gained a little bit more screen space here. And I'm just using my cloud notes. Another level in play. These two levels the spy 440 level as well as the SPX 4415 level noted as resistance in the spot gamma AM founders note acted as resistance this morning. And then price finally broke above that just before noon. I guess after the European close price got going higher. Right so those are the levels in play for today for the SAP 500. There were some shifts in levels for SPX. The volatility trigger did shift higher from 4395 to 4410. Otherwise the put wall call wall and absolute gamma strike are all the same unchanged for spy. The volatility trigger did shift lower to 439 shown on this chart. And then the call wall shifted higher. And that is that's somewhat bullish indicating that the spy call wall shifted up from 445 to 450 moving that potential ceiling or trading range the ceiling for the trading range up from 445 to 450. So anytime there's a move higher in a call wall I interpret that as as bullish. Alright so that's the S&P 500. We'll talk about setups in a few minutes. Here's NASDAQ and again I'm just showing my cloud notes now. Before I take a closer look at this chart let's take a look at a QQQ chart. Just showing levels under play in 368 is the volatility trigger and price has moved above and below that level. Just before noon it did act as resistance and now price has broken above up to the 370 call wall. And note for QQQ that call wall did shift lower from 372 yesterday to 370 today. So that ceiling and this should be if the call wall does its job should act as resistance. So on a bullish Friday it may not do its job. But anyway that is the call wall for QQQ again dropped lower from 372 yesterday and that yesterday the call wall also shifted lower. So on Wednesday the call wall for QQQ was at 375 shifted lower yesterday to 372 and today to 370. Also for QQQ the volatility trigger did shift lower slightly from 369 to 368. There were no shifts in levels for the NDX. Alright let's take a look at the Vana model now. I actually go back and we need to look at book map NQ. Typically the levels are not not quite as clear on NQ as they are on the S&P 500. This 15,150 NDX 15,150 did act as resistance earlier today after the data release at 830. Then the 15,125 acted as resistance and there's the 368 QQQ 368 volatility trigger acting as resistance and then price moved higher again probably after the European close. Now up to the upper daily expected move in this cluster of levels there's the QQQ 370 call wall NDX 15,200 absolute gamma strike and call wall and also the upper daily expected move. So a cluster of levels there that could act as resistance. Alright let's take a look at the Vana model now. I like to look at this chart every day to understand how market makers may react with changes in price and implied volatility. So this chart is showing market makers delta notional their delta exposure and how that changes with changes in price. Delta notional shown on the vertical axis price shown on the horizontal axis. There are two curves on this chart. The first the light gray is showing how market makers delta notional changes with changes in price only. What this is showing is a price increases market makers will need to sell futures to hedge their delta exposure. That's what I was talking about earlier in a positive gamma environment market makers have to trade against price to hedge their delta exposure. And the second curve on this chart the purple curve adds implied volatility to the equation. That's showing how market makers delta notional will change with changes in price and implied volatility and that change in delta with a change in implied volatility is the Vana effect. Hence the name of this the Vana model and that is a second order Greek. So this purple curve is showing that market makers will have slightly less delta notional to hedge as price increases but they will have significantly more delta notional to hedge if price decreases. So the left side of this chart is typical of a negative gamma environment. All right let's see where SPX is trading right now. So I've got SPX at around $44.35. All right so that's about where I'm holding my cursor now this vertical line. So at this point this is showing that there's really no tailwind if price continues to move higher. The market makers delta notional will not change significantly and SPX trading lower this morning. Let's go back and see where it was trading this morning. So at $4,400 that's right $4,400 with support. So there was a slight tailwind this morning as price moved up market makers could buy back short hedges. So a slight tailwind this morning and as price if price continues to increase market makers will have to start selling futures to hedge their delta exposure. All right so that is the Vana model for SPX. It gives us an idea of how market makers may be hedging with changes in price and applied volatility. Let's take a look at SPI. So at the beginning of the day market makers position on the gamma curve for SPX was slightly positive and for SPI it was negative. Not a lot of change in the Vana model for SPI versus SPX. SPI right now is trading at $442. So right around here just the pretty much the same as SPX. Not much of a tailwind if price continues to go higher up to a certain point and then at a certain point market maker hedging as predicted by the this curve will be a headwind for price. And then finally for QQQ pretty similar. All right let's take a look at some of the data behind this. What I'm going to look at is gamma notional for SPX, SPI, NDX, and QQQ. Note all these numbers did shift lower from yesterday. So SPX gamma notional became less positive than yesterday and SPI gamma notional became more negative and then QQQ gamma notional shifted from positive yesterday to negative today. So that implies compared to yesterday implies more volatility. All right so my thesis for today was looking for a little bit more volatility looking for a larger higher trading range compared to yesterday for example for all the indices SP500 and NASDAQ and slightly bullish for the SP500 based on the shift higher in the SPI call wall and just slightly bearish for the NASDAQ based on the shift lower in QQQ. The call wall shifted lower in QQQ. All right let's take a look at some setups. I'm going to start with the SP500 and the first thing I want to do is see what options traders were doing today and up until just about 12 31 o'clock they were buying calls hand over fist in the SP500. So what this chart is showing is price for SPX and the hero signal and this is a combined hero signal that is hedging impact real-time options a combined signal for several S&P 500 products SPX SPI XSP and ES futures all under one combined signal. So this is showing options trades and market maker hedging activity for all these different instruments and it is definitely bullish today. Notional value for the combined signal is about four billion. So let's take a look at the individual components here and then we'll take a closer look at this chart. So first of all SPX notional value 1.44 billion positive and note it did shift lower just about 12 30 starting to shift lower. So at that time options traders stopped taking positive delta positions. So that's SPX SPI also positive 1.05 billion also it looks like they stopped around 12 30 then ES futures that continues to move higher at 1.56 billion. So add that all together and you get the combined signal at just slightly less than four billion. So let's take a closer look at this. So it looks like there's some chart movement here quick move lower got that message from from book map. Let's go back take a closer look at this chart and let's see what options traders were doing. And I'm going to zoom in on this just a little bit. Let's say up until about 1 30. So what this chart is showing is that traders were buying calls that shown by the rising orange line traders buy calls market makers sell the calls and they have to buy futures to hedge their delta exposure. Again remember this is for SPX SPI and ES futures. So this number now it's slightly negative earlier in the morning there were actually selling puts too. So we can zoom in just a little bit here up until about 12 30 or so. Both numbers are positive. So they were buying calls and selling puts in the morning and that led to bullish setup. And we'll take a look at the live market in in just a minute. So I'm reviewing the setup. One thing I want to point out let's let's go back and just take a look at the total signal. I'm comparing all expirations shown with a purple line and zero DTE options trades. Those are trades that expire today. So they're trading zero DTE options and note that the zero DTE number shown with the green line is very close. It looks like it's over 75% of the total options notional value today. So zero DTE options definitely driving price today and we can actually turn off all expirations and you just see the very close correlation between zero DTE trades and price action. All right let's go take a look at book map. I'm going to zoom in just a little bit. So here was the anyway here was the ideal you're looking in at hindsight here. There was the long setup. So you know that traders were taking positive delta positions from the from the open. So just looking at hero you would be looking for a long setup. I thought order flow was a if you look at the sub chart here a little bit difficult to read and this is kind of unusual in the morning seeing price move higher and stops and icebergs moving lower. Not unusual to see icebergs moving lower this line but stops. Usually that is more and price is more in sync with stop orders like like later on but anyway there's the there's the reversal higher at the spy 439 volatility trigger just after 1030. Let's zoom in on that. So just looking at order flow ignoring the sub chart the shift in order flow is pretty apparent just looking at the volume dots there pink dots market sell orders on the way down to a level that you expect to act as support or resistance acted as support in this case and then aggressive buyers start to come in as options traders were taking positive delta positions as they were buying calls and also selling puts at this point of the day. So there's the long setup in the sub 500. All right let's take a look at NASDAQ and NASDAQ reversed higher at about the same time same time. We can zoom in on that so it looks like there was a looks like a stop run down to this level that's shown by this falling yellow line also iceberg orders selling. Order traders selling with iceberg orders shown by the falling light blue line but you can clearly see the shift in order flow. Aggressive sellers shown by the pink dots that's buying on a sell and then aggressive buyers start to come in and move price higher and price continues higher. All right let's see what options traders were doing so let's let's change this back let's first go to all trades go to our default signal. I'm going to take a look at NASDAQ and NASDAQ the signal was not nearly as clear as the SMB 500 and it seems like that's been the case for most of the week. So this is a combined signal for NDX and QQQ so really not much clarity after about 10 o'clock hero was trending lower and let's see what traders were doing. So they were buying puts and buying calls so we'll zoom to that level so there's really no maybe a slight shift higher in this call line but other than that no no real clarity let's go take a look at the total signal. All right so this is pretty typical again this week that for time periods of the day there has not options traders have not really been in sync or really price has not been in sync with options traders for the NASDAQ. All right let's take a look at some stocks now and I'm going to continue what I was doing yesterday taking a look at alerts and some setups there were some good setups in stocks today and also QQQ based on these alerts so I'm going to start and I just picked out a few starting in the morning so the first thing that I want to take a look at is QQQ and this is at 10.22 so at 10.22 and green I don't have any information I'm looking at this volatility alert here and I clicked on it and it brought up this hero chart so this is what I'm looking at I clicked on this it brought up this chart so this alert fired off right around here 10.22 and green I did you know that's that's got to be a bullish alert green price this arrow moving up all right so let's go take a look at book map now and we'll just go to QQQ and I marked mark the setup on the chart so this is the first setup right here this first green rectangle a little bit early so if you got in there and that would have been a kind of a natural place to get in here's a this is a c1 level not at a round number that doesn't that is provided by spot gamma just above the 367 level and also the the point of control which in stocks is just really controlled by the opening print and that will stay at this level until the closing print so here's the opening print right there point of control remains at that level so there was the first entry and depending on how wide your stop is and how you took it if you bought a bought a call at that point you're perfectly fine and then there was another signal we'll take a look at in just a minute that provided a better signal if you're trading futures you know something more leveraged with a tighter stop right so that was the first signal let's go back to back to hero now so that was the first QQQ signal here's the second this was a better better signal and that one fired off just about between 1038 and 1039 something right in there right so let's go back to the QQQ chart now so there's when the second alert went off and a much better entry so if you caught that right away you could have gotten in a round QQQ 367 for a move up to the 370 call wall so good for a three point move higher in QQQ if you bought a call that would have been a good play as well as buying shares so first signal a little bit early second signal very good let's just go back to hero so there's the signal there we'll zoom out some options traders really supported that until a certain point maybe somewhere around 1055 10 11 o'clock then turned around again 1130 all right so that was the first setup that was good setup let's take a look so that was QQQ there and then the second signal here let's take a look at apple so the apple signal was a little bit early as well at 1023 so I clicked on this it brought this chart up 1023 and it must be looking at this divergence here so price stepped down the hero signal continued higher all right let's go take a look at apple and book map so here's the signal in an apple and book map a little bit early again depending on how you traded that with a wider stop you know apple shares or an option if you bought a call you'd be just fine or watch price for a better entry let's go back to go back to hero we'll zoom out so again remember that was at 1023 so right about here this signal is a little bit distorted by this large block trade here this vertical line so some large institution there was a large block trade that happened all at once let's see what they did so some large institution came in and bought a lot of puts and that reversed pretty quickly later on so a little bit early again for the signal in apple but turned out to be a good signal right the next so we've looked at qqq qqq the two signals there first one early second one very good signal apple early but still okay depending on how you traded that and then the next is tesla remember we looked at tesla yesterday so this alert went off at 1040 right about here and this was an excellent signal and it must be again signaling this divergence price steps down while hero options traders continue to take positive delta positions even though price steps down a little bit so let's take a look at tesla and book map one thing to note for tesla is 280 is the call wall and note that that level did act as resistance as expected earlier today so if you're just watching now that would have been a good good short setup we'll go back and take a look at hero in just a minute and see you know i would imagine at at this reversal traders were taking negative delta positions but anyway we're focusing on the alert now so here is the based on the alert there's the setup so an excellent long note the absorption shown by this light blue green square at the 275 level price reverses higher as traders were taking positive delta positions and price moves higher so just like yesterday the tesla alert pretty much nailed the bottom and gave you a very good long setup let's go back and take a look at hero so really looking at this sorry about all the scrolling and jumping around right so this really kind of reinforces the idea for a long and this is pretty similar to the nvidia post that i i put uh in discord and twitter yesterday so this let's let's just take a look at the total signal so if you're watching tesla in the morning with the price dropping and hero pretty much flat this is definitely not supporting a short so at this point you would be waiting for for a long setup and it really came here when that alert fired off with that divergence and options traders started taking positive delta positions and price moved higher so looking at this from the beginning this is definitely not bullish hero options traders not supporting this move lower so based on this you know i i would definitely be waiting for a potential long setup and again that alert was the um uh was the signal to um look for an entry entry point so truman says he came in late what is sending is the signal and spot gamma the alert so this is something new and i'm clicking on this bell and this is all in um this bell is all in the dashboard so that is the hero here's the indices page it's shown here as well as the founder's note shown here so you can always go to this upper right corner and these alerts i talked about this a little bit yesterday spot gamma has been providing these call wall alerts so for example this for amazon here call wall breached that is those have been available for a couple of months so that indicates that price has moved above the amazon call wall now these volatility alerts are new i believe they just started on wednesday so these are new uh interesting i'm just kind of exploring them now and so i've just picked out a point to start here and um note these meta volatility alerts they were not good they um did not work and i would be hesitant to take um at you know at this point in the day 11 o'clock the entire market was bullish i would be looking for a bullish alert so again this is something that comes with spot gamma with your spot gamma subscription and i think when you click on this where you go depends on your subscription level so i have an alpha level uh subscription so when i click on this amazon call wall for example it takes me to the hero chart show that that is showing the call wall breach for amazon at uh 1151 so right about here that's that call wall breach at 1151 so those have been around the call wall and put wall breach alerts have been around for a couple of months maybe since the beginning of april i'm not quite sure and then these volatility alerts um just started this week as far as i know that's the first time i i noticed them i have not been able to find anything in the support center yet i know that uh brent talked about these earlier uh this year and apparently it took a little bit longer a little bit more testing and validation uh to roll these out uh but now they are here and so far uh i'm finding them very helpful you know i'm watching a lot of different stocks and this is uh something that is a another set of eyes looking at these stocks uh finding setups for me so again i'm just exploring this now but it again so far and you know and of course you have to evaluate everything um any kind of alert with what you see in book map and in uh with hero so let's just go so there's the call wall breach in amazon go back to the tesla alert so so far for tesla uh yesterday and today were very good alerts for tesla uh for long entries all right let's take a look at um the broad market so uh i could yet ask what are your settings for the absorption indicator uh for tesla all right let's go take a look at that here's tesla go to the absorption indicator all right so i have it set on automatic mode the standard deviation and interval 15 minutes so i want it to renew uh pretty quickly after the open where a lot of the um a lot of the volume occurs so i can see uh more uh later on in the day and then this sd multiplier i you know it changes from um from day to day sometimes i have to slide it lower sometimes slide it higher uh there may be uh you know i just want the right amount of information on my screen not too much not too little all right icoget i hope that helps this is recorded if you want to come back and take a look at this i suggest you um maybe start with this if you want and uh adjust it to what makes sense for you okay you're welcome icoget says he got a screenshot and d&t matter says the spix spx levels are an incredible addition you have with book map uh i i agree the um the whole idea behind this is that spx is the base index and market makers are trade uh hedging spx and spy options trades with es futures so i believe i think spx and spy options trades and the market maker hedging activity with es or a key driver of price action in the smb 500 so i again i have spx and spy levels on my chart and uh day after day uh they work that's because again i i think that that uh market maker hedging activity around these levels is uh is key for price action and let me just point out so i've talked about the 4400 level and that is just a a solid level of support as well as the spy 439 volatility trigger let's go take a look and let's see where those levels come from so let's go back to the spx chart here i'm going to go to spx take a look at the absolute gamma levels for spx there's the 4400 level and that was the level that acted as support today so i calculate the difference between spx and es every day and i just include those on my chart and i use an add-on from the book map marketplace called price lines to do that so i fill out a spreadsheet price lines displays the the label in the column and the line on my chart all right let's uh get a couple minutes left let's go to the live market let's see what options traders are doing and let's go to the sp500 and note the hero line has really leveled off since about 1230 and price has stalled and moved slightly lower let's go back to book map go to the sp500 and note that that did occur right almost to the tick at the upper daily expected move and note this level comes from the options market this is not from spot gamma you can get a um an expected range from spot gamma i just use the options chain and thinkorswim to get this level so this level i put on my chart last night so options traders start stopped taking positive delta positions maybe started taking profits or taking negative delta positions as price approached that level and now price may be moving moving lower let's go take a look and see what options traders are doing right now so now it looks like they may be starting to take positive delta positions uh trying to move price higher again on a bullish friday afternoon let's make a couple of adjustments here let's look at next x-brie first so that is definitely leveled off and it's all expiration trades that are uh moving higher now i'm going to change my rolling window period so i'm looking at a shorter look back period this is looking at just at the last 30 minutes of data in this cumulative figure versus the entire day that i was looking at before so looking at this 30 minute rolling window period again traders stop started taking negative delta positions as price approached that 44 40 level that was the upper daily expected move and then price it took a while but finally moved a little bit lower oops wrong tool and now options traders are back at it taking positive delta positions let's go back to book mount and so far to me um order flow definitely looks bearish and i do look at these lines in the sub chart and they're all falling sell stop orders large traders selling with iceberg orders and cumulative volume delta all falling so price trade traded in this range at the upper daily expected move broke lower made a lower high made another lower high now chopping around in another range as order flow continues to look bearish to me we'll take one quick look at nasdaq and then wrap it up for the day let's go to nasdaq pretty similar also upper daily expected move so far high point for the day price reverses lower makes a lower high you know chopping around in a range let's see what options traders are doing in nasdaq remember we're on a 30 minute rolling window period here so looking at a shorter time frame and pretty similar to the sub 500 options traders started taking negative delta positions as price approached that upper daily expected move and there's also the so this price i believe is in terms of ndx so there's the 15 200 level so as price was approaching that level and the upper daily expected move at nq 15 350 feet uh 355 options traders did start to take negative delta positions and that appears to uh at least for the time being maybe leveled off maybe shifting a little bit higher looking at the 30 minute period definitely shifting lower so those upper daily expected moves for the sb 500 and nasdaq would have been good targets for bullish trades earlier today and then a point either to take profits or to take negative delta positions and dnt matter says a beautiful dog thank you thank you very much so floyd's garage ask if options traders are buying and icebergs and market makers selling could that cause a flush so first of all if options traders are buying calls for example or taking positive delta positions market makers are taking taking the other side of that so they're buying futures to hedge their delta exposure and then so in that case if options traders are buying market makers buying i assume again positive delta positions market makers are selling those futures so they have selling those options so they have to buy futures so they would be taking um positive in q in q or e s so they would be buying buying futures in either case and then icebergs selling um could be a sign of a reversal but often larger traders with iceberg orders will sell strength and buy weakness so you have to look at all of it and combine it together to um to develop a complete picture and i've mentioned this many times before i i'm only presenting with one screen um and i'm jumping back and forth between hero and book map when i'm actually trading i have multiple screens so i can look at book map and hero at the same time and weigh all of this together um to make a trading decision so again floyd's garage that's that's not necessarily so easy to answer you know again i'm looking at all the information uh together and weighing this so and i i like to see a confluence so if i see um let's go back to s of b 500 so here s of b 500 this is showing that let's go back to that 30 minute look back period so this is showing hero dropping as price approaches the level that i expect to act as resistance so that is the first case for uh potential short setup all right now let's go to look at book map go back to es so that is one one case for a bearish setup so i know that options traders are taking negative delta positions at uh as price approach approaches the level that i expect to act as resistance and then the second clue is um the shift in order flow here so i see more more pink dots coming in at this level i see that larger traders starting to sell here with iceberg borders they were buying on the way up now they're starting to sell that shown by the following light blue line they're no more buy stop orders feeling the move higher this yellow line flattens out no no more buy stop orders cumulative volume delta shown by the dark blue line starts to shift lower so all that is building a case for a short setup here options traders leading price at a resistance level order flow shifts bearish so putting all this together i'm looking for a short or to take profits on a long that i had from this morning so again floyd's garage i'm putting all this together and uh developing a picture in my mind a narrative of what i expect to happen all right so i hope that answers your question all right so d&t matter says i recently got book map from blue jacket i'm trying and i'm trying to match yours i'll be going through your pens trying to set up um just to note you can contact me in direct message i do uh have started to offer one-on-one mentoring if you want help more specific help setting up a book map so just contact me and direct message and discord if you're interested all right uh floyd's garage i hope that answers your question d&t matter thanks for your kind words thank you everybody for your for watching for your questions and comments have a great weekend and we will get started again on monday thanks again everyone have a great weekend bye