 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, creating 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. As a reminder, the focus of my presentation and the focus of the Options, Doug, Chat channel and 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 in the options market to develop a thesis regarding the expected trading range and volatility for the day as well as a 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 with SpotGamaHero to confirm my thesis and for setups for entries and exits. And questions and comments are welcome and I will be watching the Options, Doug, Chat channel and Discord and also the Chat and YouTube for questions and comments. So, again, please feel free to post your questions and comments. Okay, let's get started. What I want to talk about today is, first of all, economic data events to wrap up the week and then just a little bit about what's coming up next week and then we'll go through our positional analysis and then we'll talk about setups and there were some great setups today. Okay, so first of all, there was a pretty big drop in the markets yesterday. I think it was around 3 p.m. and the news outlets were attributing that to some hawkish comments by FOMC members, Bullard, etc. So, anyway, that's potentially what happened yesterday and that kind of set up a return to negative Gamma, market maker's negative Gamma position for today. And now today is options expiration. This is the monthly options expiration in February. It's a pretty small expiration, smaller than January and smaller than March. And we'll look at that more closely. And also the SPX, again, has two expirations every month on the monthly expiration, the AEM settlement and the PM settlement. So, the AEM already occurred. That was at the RTH Open. And then just a reminder, Monday is a market holiday, so I will not be streaming on Monday. I will be in chat, but I will not be streaming live on Monday since it's the market holiday. All right, let's go through our positional analysis. And this is a bookmap chart of the S&P 500 futures, the ES, again, ES, S&P 500 futures. And I'm going to start by looking at some longer term charts, some simple charts. This is SPX, and I'm just showing price and spot gamma key levels. And this is a thinkorswim chart using a script that Spot Gamma provides to its subscribers. Every day you have to update this manually. But this is showing the key SPX levels. And notice here, the put wall has moved up to 4050, and that has definitely acted as support today. And then the call wall still remains at 4,200 up here. And then the key gamma strike has shifted down to 4,100 in this level. Okay, the thing to note is for a quanta while, SPX was basically moving around in a narrow range. Since most of last week until today, SPX was trading in a narrow range between 4,100 and 4,150. And especially this week, really trading in that narrow range. And then today has dropped down and is now in the 4050 to 4,100 range. Okay, so that is a thinkorswim 20 day one hour chart, looking at the bigger picture, looking at the key levels for today, as well as the trading range. And let's take a look now at a another thinkorswim chart, a little bit shorter timeframe. This is a one minute chart. So this is just for today. And showing this 4050 put wall, SPX 4050 put wall, holding a support. Okay, let's take a look at book map now. So again, this is the ES futures, S&P 500 futures. And one thing to note here is those same levels are shown here in the spot gamma cloud notes. And they're off just a little bit today. Spot gamma is using a 10 point difference between ES and SPX. And that what I calculated, that difference is a little bit lower. So it's so these levels should be down a little bit. So this is showing SPX levels converted to an equivalent ES number, again, using a 10 point difference. And that difference is a little bit smaller. So these levels should be just a little bit lower. So the notable thing about this, again, is that level holding that 4050 level holding. And I'll discuss this a little bit more on my thesis. This is what spot gamma was calling for today. So when I talk about my thesis, I'll, I'll talk about their reasoning for that. And that was in their AM founders note, the note was, was great this morning, very informative. Okay, so those are the levels that are in play for today. And interesting to note how order flow shifts from bearish to bullish as price shifts at those levels at that level. So notice the pink dots here, green dots coming up, pink dots, green dots, pink dots are market sell orders, green dots are market buy orders. So pretty consistent pattern there. Okay, shifts in levels. And there were some pretty significant shifts, significant shifts in levels. First of all, for SPX, the volatility trigger shifted up to 4095. So the SPX is now trading, trading below its volatility trigger. And that is generally bearish. That means that this is a negative gamma environment. The volatility trigger is spot gammas proprietary gamma flip level, or gamma market makers position on the gamma curve shifts from positive above to negative below. So that means that traders are long puts, market makers are short puts, and they have to sell futures to hedge their delta exposure as price decreases. Okay, so that is that's SPX volatility trigger the spy volatility trigger dropped from 412 to 408. So it is also trading below its volatility trigger. And the SPX put wall actually increased from 4000 to 4050. And I see that more as a consolidation of gamma in a more narrow range. And that that will most likely or very likely could change next week as some of those some of that gamma comes off due to expiration. And then the spy call wall actually shifted up slightly from 418 to 420, which makes sense that 418 was just kind of an odd strike. So the key gamma strike for all the indices SPX, spy, ndx and qqq all shifted down. So SPX, and remember that kind of odd shift yesterday, up from 4000 to 4150, the SPX key gamma strike has shifted down to 4100. And the key gamma strike is spot gamma's absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. And the spy key gamma strike dropped from 415 to 410. And then the qqq key gamma strike dropped from 310 to 300. So I definitely interpreted that as bearish. All right, let's take a look at the gamma charts. So this is the S&P 500. This is SPX. And what this chart is showing, here's the zero line. It's showing positive gamma or a call gamma above the zero line and put gamma or negative gamma below the zero line. And this is market maker's position. So this is the 41 key gamma strike. And that's pretty obvious, the strike with the largest absolute gamma. And the put wall is actually at 4150, although there's still significant put and call gamma at 4000. And then the call wall is up at 4200. So the call wall is the strike with the largest net positive gamma. And the put wall is the strike with the largest net negative gamma. The put wall can be expected to act as support. And the call wall can be expected to act as resistance. So that's SPX. And again, the gamma is concentrated really between 4000 and 4100, both call and put gamma in that region right there. Here's spy. I'm going to zoom in. So spy the 410 as the key gamma strike. Put wall at 400. So that's the strike with the largest net negative gamma. And there's also significant gamma at the 405 level. And then the call wall is up here at 420. So for spy, the gamma is concentrated primarily around the 400 to 410 level. And you could possibly extend that up to the 415 level. All right, let me check for questions. And Jono asks, will the charm effect likely lessen the SPX put wall support level of 4050 as we get closer to the end of the day? And it's possible. Spot gamma was thinking a little something different about that level. And I'll talk about that when I get to my thesis for the day. So I look for the, and I'll talk about the charm effect and what I was looking for for setups for today. Call gamma unwind in a lot of stocks that have risen this week and traders have been buying calls and those as those out of the money calls lose value due to charm. So traders buying calls, market makers sell the calls. They have to buy stock to hedge their delta exposure due to the charm effect is those out of the money calls quickly lose value as expiration approaches. Market makers can sell their long stock edges as their delta exposure decreases. So that was the primary charm effect that I was looking for. And I'll talk more about the 4050 level again in a couple of minutes when I get to my thesis. All right. So that's SPX and spy and the ranges of the absolute gamma levels. Take a quick look at the NASDAQ. And here's QQQ. So for QQQ, the QQQ, the key gamma strike, there is it is at 300. And the call wall at 310. And then 300 is also the put wall. So most of the gamma for QQQ is concentrated between 300 and 310. All right. One other thing that I meant to look at here for SPX was this chart down at the bottom. And this is the expiration concentration for SPX, spy, QQQ and NDX. And this is showing the here's the February expiration. And this is showing, there's the zero line, call gamma above, put gamma below. So these bars are showing the, I'm sorry, that's the delta notional. So this is the positive or call delta notional and put delta notional. And notice that this expiration is call dominated according to this chart. And that is different from the January expiration, which was put dominated. Okay. So I just wanted to point that out and also notice the scale of the expiration. So this expiration was about, is about half of the January expiration and certainly way smaller than the March expiration, which is shown here. And that's the March quarterly expiration. Okay. So let's take a look now at data. And by the way, this is, since I'm showing this, I'll take a quick look. This is a similar chart that was shown in the AM Founders note. This is for equities, non-index ETFs showing the call delta dominating for equities. And that helps to support the setups that I'm going to show in a minute. So what I want to take a look at now is the gamma notional. And this is Market Makers position on the gamma curve for SPX in the left column, SPY in the middle column, and QQQ on the right column. So with that big drop yesterday afternoon, the gamma notional shifted to pretty negative for all of these indices. So yesterday, SPX, gamma notional, Market Makers position on the gamma curve was positive at 439 and today it has shifted negative to minus 254. And then SPY was negative yesterday minus 437 and has shifted much more negative to minus 1487. And then QQQ was positive yesterday 171 and has shifted to minus 345 today. So a big shift to negative gamma today for all the indices. Let's take a look at the Vana charts. And this illustrates this graphically what I was just talking about. So this is SPX. And what this is showing is that Market Makers delta notional, that's shown of the vertical axis increases as price shown of the horizontal axis decreases. So that means they have to sell futures to hedge their delta exposure as price decreases. And that's typical of a negative gamma environment. And that tends to increase volatility when Market Makers position on the gamma curve is negative. And this graph is showing how that delta notional changes with changes in price and also implied volatility. And that's shown by this green curve. That's the current expiration. And that that is showing the Vana effect, the change in delta as implied volatility changes. And we can see the shift for the last couple of days. So this is yesterday. So the shift. So again yesterday SPX gamma notional was positive. And in a positive gamma environment Market Makers delta notional increases as price increases. And they have to sell futures to hedge their delta exposure as price increases. And that tends to subdue volatility. So in a positive gamma environment, we're looking for lower volatility. And then the negative gamma environment looking for higher volatility. And let's we'll step back one more day. So shift from slightly positive, more positive, and then pretty distinctly negative. And here's SPI. And we can see the shift from mildly negative to strongly negative. Okay, so that's SPI. And then there's QQQ. So all all all three are negative gamma notional today. All right. So there's a question in discord. Do I have to record yesterday's gamma notional values? Well, I do that. But they are available. Those that data comes out. You know, we just saw the this is the AM founders note. And spot gamma keeps an archive of all of the of all these AM and PM founders notes. So if you want to see what the gamma notional is for January 3rd, whatever date, you can go back and find that AM founders note and find all the data for that date. But I actually I record this all in my I have a trading journal just a notebook that I keep. And this this helps me to track the data from day to day. And I you know, it takes me a couple of minutes in the morning. And I mark the volatility trigger zero gamma level put wall call wall key gamma strike, and a few other items like gamma notional in this notebook for sbx spy and dx and qqq. So I can quickly flip through the pages of my notebook and find that but it is available. If you don't want to do that. All right. So this is something else that I keep track of. This is a pretty simple spreadsheet that I use every day I track the key gamma strike for all the stocks on my watch list. And I compare it with the previous day. So the previous key gamma strike shows the key gamma strike from yesterday. And the current key gamma gamma strike is for today. And then I color code these red or green. So red means that that key gamma strike dropped from the previous day. So notice today, there's a lot of red here. So based on really based on this, my thesis for the day was bearish. And again, I mentioned the spot gamma am founders note was very informative today. So far is holding up. Let's go back and look at book map talking about this 4050 level. And they were looking for this level to hold today. So this is the put wall sbx 4050 put wall. And they were looking for it to hold today, due to traders not wanting to hold long puts over the weekend. So traders are possibly if they have been buying puts during the week, taking profits on those. But that should provide some support at this level. If traders are selling puts and not buying puts, and we'll look at hero in a minute and see if that is actually what's happening. But so far, this level has held. And then next week, due to this, you know, I showed the expiration, both for the indices, we looked at the chart and also the chart for expiration chart, showing Delta for equities, as well as the indices, both being call dominated, looking for some consolidation next week. So again, that would be due to the charm effect. Now that may may not happen if traders want to come in and buy the dip and start buying calls again. So we'll we'll know more next week. But anyway, that was the reasoning for the 4050 holding today. And then they're giving an edge to price dropping lower next week. Okay, so that is that is that was my thesis, it certainly made sense. And that is more discussion. Jonah will hope that answers your question about the the 4050 level and what what's backgamma was thinking. All right, let's take a look at some setups for today. And I'm going to take a little bit different approach today. And let me do this first. I'm going to reset this. And then there's some specific stocks that I want to look at. Airbnb, DoorDash, and Roku. So these were all strong stocks this week. So traders were buying calls. And I'm going to I've got these stocks and book map on another computer. Let me share my screen and we'll what we'll take a look at those in just a minute. So let's go through the equity, go through equity hub first. So what I'm looking at is this next expiry gamma percentage. So this shows the amount of gamma that is expiring today. And all these are well above 30%, which is kind of a spot gamma is cut off level for significance. So these stocks have all been in the news today, reporting earnings, I think for most of them. And traders have been bullish on the stocks buying calls. So that's the first check. And then the top gamma expiry is today. So we'll start with Airbnb here. And we can see that above this 140 level, these are this is call dominated. So this means above this level, traders were buying calls. Again, market makers selling the calls. And they have to buy stock to hedge their delta exposure. And traders were almost certainly buying the calls that expire today. So this is showing that that level, the pivot level above 140. And notice the large amount of call gamma at 140 and above. And there's also some call gamma down below. But 140 is the key strike. So that's Airbnb, DoorDash, call gamma at the 70 level on above. And there's that pivot. And then Roku call gamma that's shown by the green here above the 70 level. And put gamma below. And this is showing the concentration of gamma. Sometimes it's hard to tell from this chart at the, that's around the 70 level. Okay, so that is, that's what we, that's what we're looking for here. Notice this note. And it's similar on the other stocks. 45% of its gamma expiring today. And we can see a reversal in stock, look for support at 50. Okay, so those were three stocks with a large amount of call gamma expiring today. Now let's go take a look at Hero. Somehow my web browser has reset everything. All right, so I'm going to, let's go to Airbnb first. And let's see what traders were doing. So they were buying puts and selling calls. All right, I'm going to share my other screen. So give me just a moment here so we can look, look at book map. All right, here's Airbnb. So good, good short setup. And let's go back. And this is confirmed by, by hedging flow. So traders selling calls and buying puts and price falls closely. All right, so that's the first setup. And now let's take a look at DoorDash. Strong confirmation between hedging flow and price action. And here calls were dominating. Traders were selling those calls. So the calls that traders bought were, traders were not only taking profits, but they were quickly losing value due to the charm effect, the change in Delta as price as time passes. So as expiration approaches, those calls are quickly losing value. Market makers are selling them, or traders are, traders are selling the calls. Market makers, Delta exposure is dropping and they are selling their stock edges. So let's go take a look at book map. All right, so here's DoorDash. Another great short setup. All right, let's go back and look at Roku now. Just out of curiosity. All right, now let's go, let's go on to Roku. Stick to the script. There's Roku. So traders are both selling calls and buying puts. And those calls are losing value. Market makers that were long stock, their Delta exposure decreases and they can sell their long stock edges. Let's go take a look at book map now. So it looks like Roku is rebounding somewhat, but a good, was a good short setup in the morning. And here it is in book map. So there's the, here's like the other stocks, quick drop in the morning. And I would just be leaning short on this, looking for any potential to take a short. Okay, that is, those were some special circumstances. Just following the news this week, then looking at those stocks and equity hubs. So the first thing was first step following the news this week, knowing that those strong stocks had been strong, they were higher beta stocks that often respond well to options trades. So knowing that traders were most likely buying calls in those stocks this week, stocks that expire today. And any weakness in those stocks, those stocks, calls would start to lose value and market makers could unwind their long stock edges. So that was the first step. Second step was just looking up the stocks and equity hub, noticing the large amount of gamma expiring and checking the date. That's all today. Then the third step was checking in the chart, making sure there were some call domination, some out of the money calls that would be expiring. And then just looking at the charts, looking at hero once the market opened and checking with order flow and book map. So that's one approach. And then the other approach. And so far that's the stocks that I looked at were three for three. And those were just stocks that I had thought about that were that I remembered being in the news this week. So the next another way to approach this, actually there are a number of ways you could so the way that I did this first is just those stocks that I was aware of. And the next is go to my watch list. And I'm going to rank these by next expiry gamma percentage. And then we'll just go through these stocks in order. So let's go to coin. So I'm going to go to my watch list here in hero. Just rank this in alphabetical order. Let's look at coin base. So that is on my other computer as well. So hedging flow is bearish negative delta. And let's take a look. So mainly mainly calls driving traders are selling calls. And let's go take a look at book map now. There's coin base. Another good short setup. All right, let's go back to the list now. And the next one on my and this is the list that I'm following. I'm just going to go through in this order right here down to the 30% level. So this is I'm looking at and I've ranked them by this next expiry gamma percent. And I'm going to go down just down this list in this order and going down and stopping it at the 30% level. And note that these this is all gamma that expires today. All right, so the next is block. Let's go here. And that is also on my other computer. I keep mostly the on my main computer, mostly the large cap tech stocks. And then on the smaller computer, some of these smaller on my other computer, some of these smaller higher beta stocks. So again, just like the other stocks that we've seen the hedging flow leading or confirming price action traders of both buying puts and selling calls. And notice these numbers are pretty small. This is, you know, minuscule of a small fraction of what trades and spy and some of these large cap tech stocks. But bearish. And then here's block in. Let me just get rid of this. So here's block in in book map. Again, another another good bearish setup. All right, the next one that I have on the list is Nvidia. So we'll take a look at Nvidia. So traders are selling calls and buying puts. Actually, they're buying calls. So they're there. I'm sorry, they're buying calls and buying puts. But puts are driving. Hedging flow is bearish negative delta. Let's go take a look at book map. And that's on my main computer. All right, so there's Nvidia and hedging flow and order flow, both supporting short setups. Notice all the pink dots and CVD falling falling from the open multiple short setups at pullbacks. Okay, there's a question in discord. I'm new to this. Do you use only use this setup for the day or can you use it for intraday trades also? So I use it for for day trade. So this is I'm looking for short setups for the day. And that's really the only way that I that I trade stocks. I feel like I have a pretty significant edge for day trading with stocks using spot gamma and book map. But beyond that, I don't I don't feel like I have that much of an edge. There's some other things that that you could look at. I guess a directional edge is what I mean. You know, a range edge, I think I do have for longer. But for stocks, I again, I think I have the best edge just for day trades. And I'm showing my thesis for stocks here. So I showed the key gamma strip key gamma strike list all the stocks that had a falling key gamma strike for today. You know, I've given my thesis about a call gamma unwind showed how the for equities and the indices, this expiration was was call dominated. And then I'm just looking at order flow and hedging for flow to confirm that thesis and then looking for shorts today. And this is a setup that is specific to expiration. And for stocks like Airbnb or Door to Ash or Roku, you can do this every week, every Friday, it's a pretty reliable setup. And as long as traders are not buying calls any, any significant number, then you can look for this charm effect to be in play and for market makers to be selling their long stock edges. So I hope that answers this question. I use this as a setup for the day. And and beyond day trades, I primarily trade the S&P 500 beyond that with options using primarily non directional setups strategies to trade a range for an intermediate and a long term. So I'm selling volatility typically in the S&P 500 with option strategies, using a range that I can, that I understand from spot gamma and book map. But again, for stocks, I'm just looking to trade for the day. So let's go on. So there's another short setup in NVIDIA. Let's go back to hero. Next stock on the list. Snowflake. Another good short setup traders are. So they're selling calls and buying puts. And that's on my other computer. All right, let's go take a look at the other computer now. So there's Snowflake. So another good short setup. And the next one is Netflix. And while we're looking at this, that's also on this other computer. So Netflix up and down, but a couple of good short setups here. Short from the open. Another potential short there. Let's go take a look at hero. Go to Netflix now. And Netflix was a good short setup in the morning. This right here. Let's go to the next stock in the list. And again, remember, this is the list that I'm following. So the next one is AMD. And overall bearish order flow or price action and hedging flow shown by this following hero. Let's go take a look at, let's go take a look at bookmap now. That's on my main computer. And not a lot of range in AMD. And that's pretty typical. And AMD, small short setup in the morning. And notice that this AMD has pretty much found support at this lower edge of the expected move. And that is, that is from the options market that's showing the lower edge of the expected move for the week. And it seems like AMD has found support there. All right, there's a comment. Tesla recovered nicely back above 200. And we'll look at Tesla. That's on the list here. And that's actually the next one on the list. So let's go to Tesla. And notice 200 is the key gamma strike. Let's just go take a look at something in an equity hub. We'll take a look at Tesla and drill down a little bit. And notice the five day history that the key gamma strike at 200 has not changed. So there have been some changes in the call wall. And also the put wall has not changed in the last three days. And the hedge wall has remained around the 193, 195 level. So this 200 level is an important level. Let's take a look at this. And we can see the, there's the 200 level right there. That largest orange bar is what I'm looking at at the 200. And that is the the concentration of gamma. All right, so let's go take a look at Tesla. And again, I was looking for short setups. So there was the first one right, right from the open in the morning is looking for hero to drop. And notice hero is dropping now, potentially setting up another short setup and a return to the 200 level. And let's take a closer look and see what traders are doing. So they were probably lightly buying calls up until just recently at oh, just after two o'clock, two 10. And it looks like some pretty large orders came in selling calls. And that could potentially move Tesla back down to the 200 level. So I wasn't, was not expecting Tesla to move much below 200. I was looking for that 200 level to act as a magnet today. So let's take a look at, let's go back and take a look at book map now. So there were good, good short setups and good long. So this looks like a, you know, if you wanted to take it a good long setup. But I'm, I was looking for shorts. And there were, let me actually zoom in on this level. So I was looking for shorts here, here. And again, here, here, lower highs, lower highs, return to the 200, oops, return to the 200 key gamma strike and liquidity level there. Return to the 200. And then notice price bounces back up to the 200 level. And this is all supported by bearish order flow. Notice all the pink dots in the chart, market sell orders and following cumulative volume delta. So let's go see what Tesla is doing now, see if it's responding. So I would still be looking for shorts here. All right, let's quickly go through some of the other stocks in the list. And the next one was Apple. And we'll just stick with the total signal here. So bearish notional value following hero. Let's take a look at book map. And bearish in, in Apple as well. And by the way, Apple is one of those stocks that has a huge opening print and even a larger closing print. You can see by the huge volume dot here by orders at the open. And then hedging flow looks pretty bearish with all the pink dots after that with a narrow range, but still a downtrend down to the 151 level. Let's take a look at, take a look at the next stock on the list. That's Moderna. And we'll go to hero and then Moderna is on my other computer. All right, so bearish set up in the morning. And then Moderna is trying to recover, although hero is, is pretty flat. And if there was any downtick in hero, I would, in order flow, I would be looking for another short in Moderna. All right, let's take a look. That's on my other computer. There's Moderna and a short set up in the morning. All right, the next stock is, is Google. Take a quick look at that hero. So short set up this morning, not really confirmed by, by hedging flow. And we'll just skip over that one. You, you could have, you know, there's a short set up this morning, but again, not really confirmed by hedging flow. Let's just take a look and see if looking at puts and calls provides any more clarity. Really, we'll take a, we'll take a look in book map. So there's a short set up in Google, although again, not really clearly confirmed by hedging flow. Next one is Amazon and not a lot of range, but also a short set up. You know, if you miss the short at the opening, at the open, there's the, the next short. All right, that was the, all the stocks on my list. Let's go back and check equity hub. Check that list. Let's see. I don't think we ever looked at hero and spy. So, all right, so the, let's go back to this list and spy and actually meta. Let's, let's take a look at meta and a good, good short set up up until about one, one 30 confirmed by hedging flow. Let's go take a look at meta and book map and pretty choppy. You know, you could have taken shorts or a long in the afternoon, falling hero. And again, remember, we're getting down toward the bottom of the list with just around 30% of gamma expiring. So not as significant. And that is really all that I had today. Let me, I haven't checked YouTube in a while. Let me check YouTube for questions. All right, so Sheena ask, can I look at spy? So let's go take a look at spy. And that 4050 put wall, SPX 4050 put wall continues to act as support. And let's go take a look at hero for spy. So here is spy. All right, so here is hero for spy. And remember, spy was a, a special circumstance. The spot gamma AM founders note talking about traders not wanting to go home over the long three day weekend with, with long puts. So let's see what they're doing. So they're actually buying calls and buying puts. And that's this has been typical all week. But anyway, that's that 4050 level continues to hold. So and let's go back and we'll end up with book map here at spy. So the 4050 level has held just like spot gamma expected it to the the call gamma unwind stock setup that I showed for today showing that the process of going over that had a very good, I think it was 100% hit rate today, especially the stocks that were special circumstances like a Airbnb, a door dash and Roku, those were all great shorts. And then some of the other stocks in my watch list were as well, but there were good, shortable setups and all the stocks. So 100% hit rate in that call gamma unwind setup. And then again, next week, we're looking for the levels to change. And so potential weakness in the market do especially to the call dominated expiration today. So one last question Sheena asked is on unwinding long hedges, put downward pressure on stock? And yes, that's what I've been talking about. So a rash says Tesla's going up. And yes, so there were good short setups and Tesla this morning, I took one. But this call gamma unwind strategy. There's a caveat to that. And that's why we want to check hero. And now we can see that hero is is starting to rise again. Let's take a look at let's change to a 30 minute look back period. Now this doesn't help. So traders are just buying buying stock. But again, there were short setups this morning. And I would look for Tesla to roll over it at some point. And again, unwinding long stock hedges does put downward pressure on stock. Market makers are selling stock. Yeah, that does put pressure downward pressure. So anyway, that's all I have for today. I want to thank you for your questions and comments. And remember that Monday is a market holiday. I will be in chat, but I will not be streaming. So again, have a great weekend. Thanks for your questions, comments. And I will see you on Tuesday.