 Hello, everyone. Welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, treating 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. The focus of my presentation and the focus of the Options-Doug chat channel in 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 and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. The second step of my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis and for setups for entries and exits. When I talk about setups, I will be talking about an underlying asset, but setups can be taken with futures, stocks, or options. On-topic questions and comments are welcome. 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. And hello, Karma FX. Glad you're here. Welcome. My agenda for today. First of all, I want to go over news economic data events for today, and then I'll go through my positional analysis. I want to review some setups from this morning, and then we'll take a look at the live market. So when I get to the live market, if anyone has any stocks that want me to take a look at, please let me know. All right, let's get started with, first of all, economic data. There were a couple of data reports this morning. First of all, PCE came out at 8.30 a.m. Eastern time, and let's just go take a look at the live market. So we'll go to the ES Futures. So the PCE data came out at 8.30 a.m. Eastern time, and there really did not seem to be much of a reaction to that data. It came in in line with expectations. And the next economic report was the consumer sentiment, Michigan consumer sentiment at 10 a.m., and it looks like that came in a little bit lower than expected, lower than the previous number, and there was an initial bullish reaction to that data. All right, so that wraps up the week, the economic data. Again, it's been a pretty big week with the FOMC earnings and economic data. All right, let's start with positional analysis now. This is, again, the ES Futures, SOB 500 Futures. And before I take a closer look at this chart, I want to take a look at a larger time frame, and I'm going to start with a 30-day one-hour chart for SPX. And on this chart, I'm showing a number of levels. Let me point them out. First of all, the dash purple lines are showing the lower and upper weekly expected move. And note that SPX traded up almost to that level, and now it's trading lower still above the upper daily expected move. So quite a range in the last couple days. Then the next levels are the lower and upper daily expected move, shown with the dash blue lines. So SPX is still above that upper daily expected move, but now heading back towards that level. Then there are some spot gamma levels on this chart. Let me point out the key daily levels. So first of all, the put wall has moved up to 4,500. So that put wall is spot gamma's proprietary level. All these are spot gamma proprietary levels. This is a strike with the largest net negative gamma. It can be expected to act as support. And that level has been moving around quite a bit this week. It has ranged from 4,000 to 4,300 to now 4,500. Again, that's the strike with the largest net negative gamma can be expected to act as support. And the next level is the volatility trigger, the volatility trigger at 4,565. 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. And then on the other hand, above that level, market makers position on the gamma curve is positive, like it is now. And market makers in a positive gamma environment have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And that level did move up from yesterday. It has been moving up. Actually, the last couple of days moved up from 4540 to 4545 yesterday to 4565 today. And then the last level of the key daily levels is the 4,600 level. That is the strike with the largest net positive gamma. That's the call wall. That's also the absolute gamma strike, the strike with the largest absolute gamma. And that is expected to act as resistance, the call wall. And spot gamma sees that as the upper end of the range. So that's the ceiling at 4,600 and the floor at 4,500. Put wall at 4,500. Call wall at 4,600. All right, let's take a look at another SPX chart. This is a one day, one minute chart. Let me just zoom a little bit here. So SPX gapped up today. Above the volatility trigger at 4565. Tested that level. And then moved up above the upper daily expected move. Still below the upper weekly expected move. That's shown with purple and still trading above the upper daily expected move. All right, let's take a look at book map now. So in book map, I have the SPX levels shown in my cloud notes. I also have spy levels. So for spy, here's the 455 volatility trigger. And note that level did move lower from yesterday, slightly from 456 to 455. And then here's the SPX 4565 volatility trigger. And note that level as I pointed out on the SPX chart did act as support. So those are the levels in play for today. Here's the spy 456 level that did act as support. All right, so those are the main levels in play for today, the SPX and spy levels. I'll talk about setups in a few minutes. And today was not an easy day to read for me anyway. All right, so that's the SPX. Let's take a look at NASDAQ now. NASDAQ has been very strong today. Magnificent 7 have been strong, driving NASDAQ higher. Pretty bullish water flow. You can see that large traders have been buying with iceberg orders that's shown by the rising light blue line, as well as buy stop orders have helped to fuel the move higher. Let's look at the levels. I'm going to start with a QQQ chart. And I've zoomed out to show the move, including yesterday. So this is the reversal right around 1 p.m. with the Bank of Japan yield curve control announcement that sent bond yields much higher and tech stocks and really stocks in the S&B 500 much lower. Let me point out some levels on this chart. So first of all, here's the put wall at 375. That level has not changed from yesterday. And then the call wall at 385. So let me let me zoom out just a little bit here. So this is I'm going to look at the full session from yesterday. So looking at the full session yesterday, the NASDAQ reversed lower just below just below the QQQ call wall. And this is a setup that I pointed out. I posted in discord yesterday as well as Twitter. I marked it up yesterday evening and posted this in Twitter and in discord. This nice hero divergent setup yesterday. And then the second setup that I talked about yesterday, I didn't post this was the reversal again at the Bank of Japan announcement. And the important thing to note here is the round trip from just right under the call wall and know these levels did not change from yesterday and down to just above the put wall and now back up to reversing again just about the just about at the high point from the from yesterday and now moving lower. So round trip from the call wall to the put wall back up to the call wall. And we'll see what happens next. There's one other level I want to point out. So again, here's the put wall 375 and the call wall 385 and then the volatility trigger at 379 and know those levels did not shift from yesterday for SP for the S&P 500 and NASDAQ. I forgot to mention for the S&P 500, the absolute gamma strike for SPX and spy did drop. So SPX absolute gamma strike, I think I mistakenly said that was at 4600 today. It's actually at 4550 that dropped down. And then the absolute gamma strike for spy also moved down from 455 yesterday to 450. So my mistake again the SPX absolute gamma strike moved down to 4550 and spy gamma strike moved down to 450 and for the NASDAQ, the absolute gamma strike for QQQ also moved lower from 380 yesterday to 375 today. So the 375 level is the put wall and the absolute gamma strike for QQQ. Alright, let's take a look at book map and this here's this 15900 level. That was the reversal level yesterday and I believe that yesterday NQ actually touched that level before reversing lower. And again, I posted that in Discord reversed touch the 15900 level reverse lower. And then there was also an entry point at QQQ 384. So that was yesterday NASDAQ back up to those levels and now moving lower. So on NASDAQ here, I've got the NQ round numbers, big round numbers, the zeros and the fifties as well as the QQQ numbers. Alright, let's and I've talked about shifts and levels, the levels that are in play for today. Let me look at questions. So yoga mat says hero spy shows increased put flow all day. You'd think that would drive spy down and I think that's what we may be seeing now. We'll take a look at setups in a few minutes and that market maker hedging flow has been consistently bearish. Traders taking negative delta positions. The last time I looked all day in the SB 500. So we'll take a look at setups in a few minutes. Alright, so last thing I want to take a look at before we get to the setups is the gamma notional to see how market makers were positioned on the gamma curve. This is the number I'm going to look at here. This is market makers position on the gamma curve at the beginning of the day for SPX spy, NDX and QQQ and note that the number is negative for SPX spy and QQQ and I really don't pay much attention to NDX. It just doesn't really change that much and it's not significant compared to the other numbers. So for NASDAQ, we just want to look at QQQ. Alright, so these numbers for SPX and spy both shifted lower. So gamma notional yesterday for SPX was positive 504 and it did shift lower to minus 16. So it's pretty pretty neutral for SPX and then for spy shifted more negative from minus 427 to minus 877. So as again market makers position on the gamma curve for spy was negative. So its price decreases, market makers have to sell futures and as price increases they can buy back their short futures. So that can add to fuel to a move lower or higher and then for QQQ the number actually shifted slightly more positive or less negative from minus 462 today to minus 440. Alright, so notable numbers here neutral for SPX and negative gamma positions for spy and QQQ. Alright, let's take a look at setups. I'm going to start with the SAP 500. So this is what yoga mat was talking about and I've got the entire hero signal, the combined signal. I'll talk about that in just a minute instead of just the spy signal. So what this chart is showing is price that's for SPX with a white line and this is options trades and market maker hedging activity for a combined signal SPX spy XSP and ES futures all under one combined signal and a falling line shows traders are taking negative delta positions and market makers eventually will have to sell futures to hedge their delta exposure. So this really took a while to play out. It really I guess it really took almost three hours for that pressure to finally start to move the SAP 500 lower and note this number. Let's zoom in on this. It is quite negative. This notional value and just a moment ago it was about minus 5 billion. So that's quite negative. Let's see what traders are doing. So their buying puts is yoga mat indicated and really not doing much with calls. This number is slightly positive 1.3 billion. So initially in the morning traders were buying calls but buying puts more aggressively and then just around noon or so it looks like they took their foot off the gas with the calls and they continued to buy puts and price eventually rolled over. Let's go take a look at book map. So now it looks like traders may be taking advantage of the drop to take positive delta positions. We'll zoom in on that just a little bit. You can see the rising hero line. But let's go take a look at really focus on the first part of the day, the first three hours. So we know that traders were taking negative delta positions and price continued higher. We also know from this that larger traders were selling with iceberg orders. That's shown by the following light blue line in the sub chart. Also by these on chart indicators here as price continued to rise, larger traders selling into strength with iceberg orders and eventually they get their way and price finally rolls over as kill let to volume delta flattens out and then also this last move up really driven by buy stop orders shown by these green dots and the buy stop orders stop, they flatten out and aggressive sellers start to come in and you can see finally the pink volume dots and price moves lower. So it took three hours for this to play out. Price eventually moved lower. But looking at this just from price action this morning, this was definitely bullish. Although it was difficult for me to go long given the very negative hero flow that going against options traders and market makers is something that I just won't do. So there were better opportunities later and again if you were patient waiting for the short set up to play out that would have worked and I'm sorry I don't know how to pronounce your name. Adarsh, hello? He asked is the software free to use? No, I'm sorry. I'm using book map and spot gamma and book map is available by subscription. You also have to subscribe to data for book map. So for book map you need to subscribe to the software and for data. I use DX feed data for stocks and rhythmic data for futures and then spot gamma is also available by subscription as Floyd's garage points out toss has a free limited version. I think there are in that free version. There are three instruments available. Yes, futures spy and apple and then spot gamma has a free seven day trial. Alright, so it looks like this 465 level acted a support again just like it did right after the cash open options traders came in and started taking positive delta positions. Alright, so we've talked about the hedging flow and the order flow. So during this move up again options traders were taking negative delta positions and large traders were selling with iceberg orders and that just made it really impossible for me to consider along in the S&P 500 this morning. Alright, let's take a look at NASDAQ. So NASDAQ is a little bit different story. So let's start with order flow and order flow was more bullish. I really didn't get a clear read on NASDAQ until let's say around 1045 11 a.m. Right here with this test of the QQQ 382 level. Notice how many times first of all it acted as resistance and then enacted a support four times and NASDAQ tried to get going higher on that third test and you can see the shift in order flow from pink dots going down and then aggressive buyers come in right around the 382 level then it comes back for a final test and again aggressive buyers come in. We know that large traders were buying earlier with iceberg orders shown by that rising light blue line and then as price starts to move higher buy stop orders and aggressive buyers start to fuel the move higher you can see the green dots and then also the buy stop orders shown by the rising yellow line in the sub chart as well as the the bright green dots there and then also the aggressive buyers taking price up pretty quickly from 382 to 384. So a little bit easier to read order flow for me this morning in NASDAQ. Let's go take a look at hero and see what options traders were doing in NASDAQ. So this is a combined signal for NDX and QQQ and our Darce says heat map feature is also paid yes. So I believe book map may have a free trial version it does not it maybe includes includes delayed data if you're really interested if you're a thinkorswim customer contact support ask for the an access to the free trial version it's very limited very limited but it will give you you can see the heat map again for the the three signals that come with the free version the Apple spy and ES futures and that I believe for book map the paid version is about $40 a month it's a limited version again doesn't have all the features that I'm showing here in book map global plus alright so there's another question sorry I can't pronounce your name why is my stop sub chart line a straight line in the earlier session so I don't understand your question what instrument are you talking about alright so let's take a look at NASDAQ again this is a combined signal for NDX and QQQ so remember I said from the just looking at the book map chart I really didn't have any clarity until that final test final two tests of QQQ 382 at 1045 and 11 a.m. and before that time options traders were taking negative delta positions as price was moving higher and then right around 1030 they started taking positive delta positions and then at just before 11 1050 that was the final test of the 382 and watching order flow it was pretty clear to see that shift from negative to positive pink dots to green dots on that final test of 382 as options traders were taking positive delta positions and Ardesh you're welcome thank you for your kind words and we'll go back to ES in just a minute alright so this was the the read in NASDAQ and again I really did not have any any clarity until around 1045 to 11 watching options traders start to take positive delta positions and watching the order flow and book map alright so those are the setups in the in the indices S&P 500 and NASDAQ definitely for me at least took some patience today alright let's go back and take a look at book map go to ES alright so it looks like just like in the S&P 500 that SPX 4565 level has been a key level here in NASDAQ the QQQ 382 level is key acting of support again and we'll go take a look at the live market in a few minutes to see what options traders are doing now so we saw that in in the S&P 500 they had shifted order flow just as price was testing the 4565 level well let's go back to ES so he again I'm sorry I just can't pronounce your name this is this is what these stops look like in my chart really kind of a gradual uptrend up until about 11 a.m. and then the stops really start to fuel the move higher especially right starting around right here fueling the move higher you can see all the all the aggressive buyers the green volume dots large stop orders so if yours looks any different or well actually let me let me just point out my settings here this may be the maybe the difference I guess I take these things for granted sometimes the my settings the way I like to look at stops and icebergs is in some mode so this is giving me a cumulative value for the entire day there are a number of ways to look at this also I have no vertical alignment so these are my settings for the sub chart stops and icebergs alright so TV ask could you point out iceberg buy-and-sell orders from today at key junctures that is not necessarily how I look at it there are other traders that present with book map that do look at the events I'm looking at the trend I'm looking at a series of iceberg orders or a series of sell orders not not necessarily at key junctures let's just take a look maybe at an example so here you see the the price reversal again right around the 45 65 level and note iceberg orders the cumulative they're still decreasing so no significant iceberg buys there and then typically stop orders will increase up to a certain point and that could be a key juncture so here's a stop run down to that level and then as price gets going aggressive buyers come in then my stop orders start to feel the move higher so that's how I look at stops and iceberg orders I'm looking at the cumulative flow in the sub chart again in some mode and then the the events or a series of events with the on-chart indicators alright let's take a look at some other setups I want to go to meta excuse me let's go to meta and first all let me take a look at one other thing and think or swim here this is the heat map for the s&p 500 and if there's any question about what's driving the market today this makes it clear the big cap tech stocks magnificent seven definitely driving price action here's the NASDAQ 100 very strong today Google meta Amazon Tesla Amazon Apple Microsoft Nvidia most of almost every stock in the NASDAQ 100 driving price higher today alright let's take a look at meta I'm gonna go take a look at hero first let's go to meta and remember meta reported earnings earlier this week very bullish note a couple key level here here's the 320 call wall and notice there was some consolidation around that level that is the level that is expected to act to support and we want our resistance and we'll talk about what happens when that when that doesn't happen alright so we'll see what traders are doing and they're buying calls when traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure and that is indicated by the rising orange line the positive number here they're also selling puts the blue line that represents puts is positive so they're selling puts both positive delta and they were buying buying calls maybe I don't know five ten minutes after the open and they're aggressively buying calls let's take a look at one other a couple of other things actually so first of all note this hero signal here right here from meta is very strong this dot here is showing the current signal and I'm sure it's difficult to see but there's a slider range here so the dot is near the upper end of the slider range which is showing the comparing the strength of the hero signal to the last 30 days so this is showing that the strength of the hero signal is almost at the upper end of the 30-day range the colored portion that is showing the last five days and the hero signal for meta today is above that five-day range so very strong hero signal for today and then finally let's take a look at one other thing so I talked about the call wall breach at 320 let's just go back and take a look at book map for meta so here's the call wall at 320 should act as resistance it did for a little while price consolidated around that level initially move lower higher lower again and then accelerated higher so let's go back to spot gamma now take a look at some additional information this is the history of the key daily levels for meta for the last 10 days so note that the key gamma strike did increase from 280 to 310 that's bullish the call wall shifted higher from 280 to 320 that's bullish the football also shifted higher so bullish shifts higher in key daily levels there let's take a look at one other thing so this is the put call impact chart the orange bars are showing call gamma the blue bars are showing put gamma this orange line is below the blue line throughout the price range shown on this chart this is showing that call gamma dominates here's the key gamma strike at 310 the call wall at 320 so when price moves above those levels those calls so traders are long calls market makers are short calls and as price moves up above those levels those calls you know especially the calls at 310 and 320 go further in the money and market makers have to their delta exposure will increase and they'll have to continue to buy stock to hedge their delta exposure as though as traders continue to buy calls and those calls at 310 to 320 especially go further in the money so that is that's what happens especially with a stock with a call wall breach those calls at the key levels there at 310 to 320 go in the money further in the money and traders have market makers have to continue to buy stock to hedge their delta exposure all right so let's take a look go back to hero so notice how price has leveled off as traders take have taken their foot off the gas so more specifically the call buyers so traders are buying calls and they're also selling puts all right let's go take a look at book map again all right so there's meta made it up past the 320 call wall and then accelerated up to the 325 liquidity nice long set up as traders continue to buy calls pullback entries all right so that was meta and let's take a look at Microsoft let's go take a look at hero see what options traders are doing in Microsoft so they're buying calls and buying puts call buyers more aggressive driving price higher and again note that as call buyers have taken their foot off the gas price is now moving slightly lower but this is showing in the morning that traders were aggressively buying calls let's go take a look at book map and a deeper pullback to VWAP here primary price target at 340 let's go back and take a look at it at hero I know the very bullish order flow all the green dots aggressive buyers all the way up in a buy sweep shown by this small green dot buy sweep up to the 340 level let's go back and take a look at hero and 340 is the call wall so that's the resistance level and in the case of Microsoft that level did act as resistance all right serendipity says hello the sea levels in the lines do you add that manually let me talk about that briefly and I'm going to go to Tesla while I'm looking at that right so let's go take a look at go back to book map so serendipity is asking about the sea levels let's go to yes so I have two different spreadsheets one for futures one for yes and enqueue and one for stocks and I I do most of my work in the in the one for futures I don't change the the stocks I don't add the it's just too much work to add all the spot gamma levels for the different stocks that I trade so I just have the round numbers and so I only have the futures open so let me point out this is first of all cloud notes I use an add-on called price lines not price levels price lines this is an an add-on that you have to purchase in the book map marketplace and I'm pointing to a file CSV file and then I have a server number and then this cloud notes column points to that server number nine thousand one and then let me let's take a look at so this is the spreadsheet and you can put anything you want in here so for yes I have the big round numbers the zeros and the fifties that shown here in red then I have spy levels that shown right here actually down these are the spy levels so I calculate the the ES to spy ratio that changes a little bit every day so I enter this manually and then I enter the label manually so I do that every day manually but I'm not this will draw the label and the lines automatically on my chart once I update the server and refresh the levels so those are the spy levels and then these are the SPX levels and then finally I have the lower and upper weekly expected move and daily move and those are at ES levels and right now there's a the last time I looked about a 26 point difference between ES and SPX so I'm just adding 26 to these numbers right so seren deputy that's it's gotta get I guess it's semi manual semi automatic I'm just filling out a spreadsheet so I get the information in the morning this is part of my preparation I update my spreadsheet and then I update the chart to show these levels right let's take a look at one other setup right so for the lower and upper daily and weekly expected move no I'm not using spot gamma info I'm just getting that from an options chain so the options chain and thinkorswim just shows the expected move for you know every day that there's an expiration all right let's take a look at another setup here's Tesla I posted this in discord this morning it really didn't it looked like it was going to play out but it really didn't so what I was looking at is looking for a short setup right here note the shift in in order flow all the aggressive sellers coming in I was looking at a price target of 260 and let me show you what caught my attention let's go to hero I'm gonna zoom in and it's pretty unusual to see a divergence like this in for for Tesla so that's what caught my attention is traders taking negative delta positions as price continues to increase continued to increase setting up a short it did it was good for a couple of points but that's about it so it didn't play out exactly like I thought the the overall market was just too strong today but anyway short setup I posted the hero chart in discord this morning again good for a couple of points and that's about it so let's go back to book map and you can see the the shift back in order flow aggressive buyers start to come in right around the 261 level so aggressive sellers down to 261 couldn't make it to the liquidity at 260 and then price moves back up back up to the liquidity at 265 all right so JJ K ask is it the same cloud note file from spot gamma you add the additional levels no it's not so spot gammas notes they're on they're actually on the Amazon AWS server so there's no way I could access that so I I just I used to have the spot gamma levels and my own levels and two different columns but it just didn't make sense to to use up that extra space I want to see all these levels in one column so I'm looking at the spy levels which spot gamma cloud notes they don't have spot gamma cloud notes just has the SPX levels so I don't I don't look I don't have that on my chart anymore I have my own cloud notes with the SPX levels the spy levels and big ground numbers upper and lower daily expected move but if you just are interested in the SPX levels the spot gamma cloud notes are perfectly adequate sometimes they don't have the exact ES to SPX difference or NQ to NDX difference so I update that in the morning they update that at the close of the prior day and I've got a couple minutes left let's take a look at the the broad market let's go back to hero so we noted as I was going over the SB 500 a few minutes ago the shift in hedging flow here right around 150 as options traders finally got on board here and joined the party and took advantage of the dip down to that SPX 45 65 level and started taking positive delta positions and now it looks like they may be fading the move higher again so so far up until about 1230 they really weren't getting paid for their negative delta positions so really the for the S&P 500 options traders really were not in sync with price until about 1230 right around here we're finally price gave in to the option traders in hedging flow and move lower and then reversed higher right around 145 150 so let's go back to book map and this shift in order flow is pretty clear to see we talked about that before sell stops down to that level then aggressive buyers start to come in and then finally larger traders join the party with iceberg orders now prices back above the upper daily expected move and moving higher stick a look at NASDAQ and JJ K asked for our trading NQ which hero do you use I'm just about to look at that but I you I look at the combined signal right so NASDAQ made it back down wrong tool NASDAQ made it back down to the 382 level and it acted to support multiple times and now it's trading higher same shift in order flow sell stop orders and aggressive sellers moving price lower and then aggressive buyers start to come in just below the 382 level moving price higher back above the upper weekly expected move let's see what options traders were doing all right so JJ K was asking about the the hero so niggle signal for NASDAQ so there's there are three signals you can use QQ and DX which has surprising notional value to me but that indicates that I should be using the combined signal of QQQ and DX let's zoom in a little bit so we can see that options traders came in around the same time as the S&P 500 started taking positive delta positions and price moved higher as aggressive buyers came in at that QQQ 382 level and let me just point out I'm presenting on one screen so I have to jump back and forth between hero and book map when I'm actually trading I have multiple screens so I'm looking at always have book map up always have spot gamma up on the other screen hero typically so I don't have to jump back and forth I'm looking at both simultaneously but you know again here for this presentation I have to jump back and forth right so it now looks like options traders may be starting to fade this move higher a little bit of a divergence potentially let's go take a look at book map and my time is up we'll call it a day after that so here back to the question about TV's question look point out iceberg buy-and-sell orders at key junctures again I'm not looking at I'm looking at a series so I can see that larger traders are selling this move higher so we know that larger traders are taking negative dot options traders are taking negative delta positions and larger traders have been selling with iceberg orders as price moved down and they continue as price moves up so not sure which way price will resolve here we'll take a look at the SB 500 alright SB 500 still looks bullish let's see what option traders are doing and then that then we'll call it a right so options traders have taken their foot off the gas as well for the SB 500 alright my time is up I want to thank everyone for watching thank you for your questions comments I hope I've been able to answer your questions if not you can post your questions in in the option stash dug chat channel and discord and I will I'll try and answer them so anyway again thank you thanks for watching thanks for your questions the comments have a great weekend and I will see you on Monday bye