 All right, good afternoon traders and welcome to the ask me anything with Doug plus so We've had Doug on here before you probably have seen his webinar And he's has a very unique strategy that with some some new tools From spot gamma looking at options and options levels And integrating that within the order flow in book map So, yeah We thought this would be a really good session with Doug Since there are a lot of questions on options and it can be rather tricky So what let's go through a little bit about Doug's background here. He's been trading options around 2008 and Selling strategies is what he began with worked with a lot of different People in the industry a lot of the guys from thinkorswim. It looks like And then left in 2017 his engineering career and and started trading around And and then also futures in 2019 and started to dig deeper into it and join book map here and Very happy to have him in here. So he has he has contact information if you want to reach out on his twitter He has some spot gamma articles in here. I'll put these into the chat for you guys and A presentation and a webinar too. I'll put that all into the into the chat for you So some disclosures really quickly and then let's just turn it right over to Doug general disclosure All book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice No recommendations The risk disclosure trading futures equities and digital currencies Involve substantial risk of loss and is not suitable for all investors Past performance is not necessarily indicative of future results all right, so Let me Share Doug's screen and then we should be all good to go here. So hold on just a minute Okay Hold on a moment here. I got it wrong Now I got it Okay Looks like we're all set to go And this is in discord and and guys our chats are in discord and also in youtube But try to join us over in discord. Probably find it easier to do so Doug have at it Okay, so can you see my screen? Yes Okay, great All right, welcome everyone. Good afternoon. Thanks for hanging around on a friday afternoon Let me know if you have any questions Uh, if not, I'll just uh talk a little bit about what I've been doing Bruce do you do you have any questions? I do. I mean, uh, just, um During the the daily advanced webinars, uh that we have, uh, you've pointed out some really nice Areas where you saw something And let's take a look at today for example in the s and p And you point you were looking at the sp y And uh, tell us, you know, kind of what you saw and and going through the process because You know, we're not looking at options. Um, we're not looking at the the what the spot gamma levels And and you were uh, and we were just reading the order flow in the s and p So you saw something really good that led to a pretty very strong move to the downside Okay, so You know, first of all, I use um options trades and the Corresponding market maker hedging activity To inform my trades day trades in futures and stocks so, um In es for example Market makers will Uh Make markets in spy and spx options And they hedge their delta exposure With uh, yes futures That's the most efficient way for them to do that. So, um There are two tools that I use to To look at that the first is um Bookmap hero And that is shown in the the green line Uh in my sub chart here So what bruce is referring to Is this, um This move right here um We'll take a look at just this The section of es so, um I actually saw this in spot gamma hero first But it it shows up in uh bookmap hero As well so You can see the green line sloping down showing, um That market makers were selling Uh es futures to hedge Uh bearish trades in option trades in spx sp y So we'll look at that in spot gamma hero in just a minute. So again notice how far Um This proceeds the move down Uh, it started I guess almost 30 minutes before Uh es Started to move down. So, uh, you know in this case it was a good leading indicator and then one I actually saw in, um In this tool, let's take a look at, um We'll take a look at spy first And then I'll I'll talk a little bit about this tool as well. It's new So this is spy And, um So you can see the same point here that, um The options flow in, um In spy started turning barriers. So uh traders were buying puts and or selling calls and, um We can also see exactly what they were doing By changing this total which combines the call input transactions into one signal We can change that to put in call and, um Now it's showing the the, um Um Get my cursor off there. It's showing the entire day. So what what I saw is not as prevalent as it was um At the time but, um Yeah, you can see that this, um You know traders started, uh Slightly selling calls and buying puts again uh Well before the downturn. So, um You know a good it was a good a good leading indicator Yeah, at what point did you start to see that and, um, uh You know and and then like you you let us know about it, uh Um, I I forget at what point as well, but we're still, you know in an uptrend So we're looking forward to You know until we see something in the order flow that tells us that it should reverse or do something else Um, we go with the uptrend But you clearly saw something Um at a certain point I've got a screenshot here that I took. Can you can you see that? Yeah Mm-hmm So, you know again at the at the time it it was uh, you know appeared to be much more prevalent uh, you know, there was a a large block order of A trader buying calls and then, uh Traders immediately started selling that And pretty much, uh at the same time they started buying puts and again that occurs well before the, uh The downturn So it's uh, it's just something to look out for Yeah, you see this and, uh uh You know anticipate a uh Uh a move down it doesn't always work out, but uh in this case it did, you know, there are other signals as well So it looked like there were uh my yellow line shows stops so, uh You know the buy stops stopped a little bit before 1045 and that looks like that, uh That was pretty much what was driving, you know along with that, uh large, uh Call buying and and spy as well as stops was driving the up move and it looks like, uh That just kind of ran out at this liquidity at about, uh 540 and Uh You know so combining the uh hero signal with what you see in book map Uh, you know gives you quite an edge, you know looking at, uh You know how it just fails to make it through this liquidity and then the uh You know the large red dot start come in to come in cvd turns down Uh You know start sell stops start Yeah, so there was uh You know this leading indicator for the uh reversal and then, uh You know again reading the order flow and book map Uh, you know confirms that Yeah, it's curious though because if I if you look at the hero, uh indicator in the substrate there the green line um Yeah, you know, I mean, uh, it just looks like they kind of just stopped buying um Or hedging, uh, uh, basically and so it kind of flat lines and go and starts to go down Uh, and then it starts to actually kind of pop up again, but Um, if you look at the other tool, uh, which is you know, it it splits out both calls and puts Um and or at least the screenshot that you were looking at Because I think that really shows it nicely. Uh, you saw that. Yeah, okay. They they weren't really, um, uh, buying calls anymore and it was starting to, you know, go a little bit negative there But they really started to hit the puts hard Right and then and then like we we jumped over in the in the webinar we jumped over and and took a look at SPY and it was just like the order flow was different. There was some pretty heavy selling um in SPY um And you know, that's kind of one of the Tell tales that you know, we're looking for a reversal to start to take place and um I mean that played out just I mean unbelievably well. Look at the price drop after that. I mean, it was just a A beautiful confluence of events Right and you know, keep in mind that hero and book map includes signals, uh, it's a combined signal for SPX and SPY I I tend to look at SPY Um, individually, I think it it may have more influence Uh, I I think I you know, I've seen notes from Brent at spot gamma indicating that as well and typically in his, uh, um In his PM notes he he shows Uh hero for SPY not SPX, but you know again hero and book map combines both. So here is SPX and And you can see that Uh, you know, compare that with SPY So it's um You know doing Doing something different. Yeah. Yeah completely This question came up in uh In chat and I think in the futures channel earlier today About some confusion with hero and book map and The thing to remember hero and book map for es combines Call and put signals for SPX and SPY And you know, although there's an arbitrage relationship between SPX and SPY They're really two different products Used by You know could be used by different Um Different parties for different purposes. I think, uh, typically, uh, SPY is reserve, uh I I think considered a Retail product whereas SPX is considered An institutional product Yeah, yeah, I mean, it's it. I mean early on, uh, Brent decided to to put the two together And uh and have that as as the study, right? Um, so uh, and it's uncanny. I mean the SPY is like Yeah, I mean that it gives so much information there So Go ahead this this new tool spot gamma hero Uh is the web based version of hero and it allows You to separate out Call and put transactions for SPY and SPX To You know see the, uh In in much greater detail the, uh order flow on the hedging flow In, uh es Hmm Yeah, and and it is interesting the way that you showed that how They're separate. He's separating it out there with the puts and calls And then relationship of price there as well Um, so david has a question right off the bat here. So sorry about that getting to it just now But he's asking if you can show how you act on hero signals And how do you pre anticipate and enter into a position based on that or do you wait for the price action? Well, a hero signal is is a confirmation. Um, it's Something that I I you know, I would not act on hero alone It's a very strong Confluence. So in this case now, I was trading stocks today, but uh, you know, I noticed this during the during the webinar um That You know, I seeing that I would begin to look for a um A short entry seeing and and plus my Um, my thesis for the day was bearish you know, given the strong run up in In stocks and in the indices all week and then uh, there was a lot of call buying kind of the uh The risk on uh mean mean stock call buying was back and typically they're buying options that expire today So those either traders are going to take profits or those calls start to lose value and market makers uh Would start to unwind their uh, long stock edges. They would start selling Their their stock and that played out very well and in uh several stocks or a lot of stocks today Uh, but you know, my overall thesis today was was bearish. So I was You know anticipating uh Shorts and I again I traded uh stocks, but uh, you know anticipating short entries is what I was looking for today So, you know given that seeing the the hero signal and then waiting for the uh um You know what I would consider more of uh You know entry traders And uh and book map based on the order flow is when I would Uh You know would consider entering the trade here, you know when I see it actually turning over And then you know, uh, you know, I you know, perhaps right here at about 34 35 seeing uh You know it it failed to go back up Would be a would be a good entry and then your You know exit would depend on your trading plan and and uh trade management Yeah, yeah now there's uh Have really nice there. I mean that that selling really comes in and I think we jumped over at spy Uh quickly and uh You know, that's that's where it was like it looked even better. I I thought um that yeah, let's take a look at spy Yeah, I've got a little bit of a lag when uh Changing tabs now, uh, okay That I think that may happen because I have so many So many symbols open so many indicators open. Um, yeah, yeah, yeah, that makes sense All right, let's zoom in on this this area Yeah, yeah, I mean the the selling pretty much the same signal here. Yeah, yeah It was the uh, I think where you see that big red dot there. It really stood out on spy Yeah, you know, it's interesting also that the reversal occurs right at uh at 453 Yeah, you've you've long, uh been, you know, looking at some of these, uh You know Even numbers there and also areas where you know spy usually are typically the Liquidity that stays in the book Um, it's kind of hard to see uh here. I mean you do see it at 452 For sure, but uh other than that they're they're really close in and hedged around You know current price Right, and it's kind of hard to read but here you see yeah very clearly at 452 that liquidity that got filled there And then you know also when spy they're Quite a bit of red dots All the way up And cvd is trending down even while Even while spy is moving up and I guess that really shows that the the hedging flow here Is uh A big part of the driver along with the the stops and es and then as soon as that stops You know, you know a few minutes later spy starts to turn down Um, let me let me jump in here. There's a lot of questions coming in. So this is this is great and that's that's what we're here for um, so, uh, let's see David I think he you see we answered that one. Um Was the indicator bearish this afternoon during the webinar? Um Yeah, I mean, uh, yeah, we covered covered that there. Uh, and uh, let's see Then so I'm reading the discord stuff first. I'll get to the youtube stuff in a bit Yeah, I'm only looking at discord. I'm not looking at youtube. Okay. Um, if you want to go ahead then Just after david there Boy robot says when looking at individual stocks, how do you scan for ideas during the day? okay, so, uh That is something that i'm still working on I have uh, I just recently started trading stocks again and let me go back to Spot gamma hero and i'm going to change this over to This is my watch list and I uh, I look at this During the uh You know the first 30 minutes just kind of scan through this Uh, as well as book map and again my thesis for the day was uh Was bearish for stocks Again based on the run up all week and the strong call buying anticipating that Traders would take profits and Those calls would start to lose value And market makers would unwind their their stock edges um So I was looking for stocks that that We're trading above their key gamma strike and would uh trade down to that And I found a couple um This is microsoft So I I traded this today and um This the key gamma strike was at 300 and this is an area or a level of gamma concentration and uh Can be uh can act as a magnet for price so this is uh This is one and uh You can see that um up and told about lunchtime the Traders were And these lines are in delta terms. So the the orange line shows calls And this means that traders were selling calls Which is a negative delta or a bearish position and traders were buying puts. That's the blue line Which is also a bearish or negative delta trade So this shows that traders were both Buying puts and selling calls and the The price responds You know directly to that and then another one was Was square And this is a little bit harder to see it um If you can well one one thing you can really see with this Is that uh Pals were driving the stock So the stock moves uh In conjunction with the call trades more than the uh than the put trades, but both uh You know the calls were definitely bearish selling calls and uh, you know, it looks like there was uh um you know net Change of uh traders buying puts today by a small amount So we can look at the uh total And uh, again, this leads me to believe that uh That calls were we're driving the action today So those those two stocks met your criteria basically Right And those are the two that you traded right so You know, I'm sure there were many more but uh It you know, again, I'm still working on this process looking you know going from When you're trading futures trading one instrument and watching every You know every tick up and down to watching 10 or 12 Stocks and trying to be in the right place at the right time Is something that I'm still working on Yeah, yeah, that's a tough one I mean it's a beautiful thing that you can always find something there But to find the right ones is Where it gets a little tricky Let's see here we'll continue on uh, and I'll jump over to youtube here. Okay Okay, so yeah sam is asking about uh, um loves your strategy fascinated by it, but um It gets confused on your entry point and if you can elaborate on that Say that again. Uh, yeah, so sam You know likes your strategy Resonates with him, but he's confused on your entry points and if you could explain please explain a bit further Okay, so let's take a look at Uh, we'll take a look at those stocks and book maps. So, uh, let's go to Microsoft And I I look for pullbacks And I I do look at candlestick charts also one minute candlestick charts And use uh, some of j-traders techniques Use the nine EMA And also I find the absorption and sweep indicators are very helpful So let's zoom in here Now one thing that happens with the absorption and sweep indicators is they, uh I have them set on automatic so the The setting changes, uh Every 10 minutes so after After hours They it tends to show more of these so normally during the uh the day it wouldn't show so much so, uh You know here are a couple of sample entries This was my first entry here the rejection see all the absorption and sweeps going on and the rejection at VWAP and the round number here Uh, so a trade Sorry, I still got an alert. Um So, you know that you know, I could see that that hero was Was trending down. This is you know confirming my thesis bearish And uh, you know, so just looking for pullbacks to To liquidity to round number levels to VWAP And you know here was a good entry uh Then another here at uh at the liquidity at 305 So that's the uh the That's the kind of thing that I'm I'm looking at and looking for Okay Is that answer answer the question? Yeah, I think so. I mean you're looking for pullbacks You're looking for first off you're scanning these these Two stocks here because they already fit a criteria that you're looking for And then you're using a few different indicators here in book map And in this case the that pullback there Back up into about 305 or so And looking at some of the stops and or the sweeps An absorption that looks like sweeps mostly there Um, and then looking for the criteria in the order flow to to match that Right and you enter the trade Now I also uh, I have uh think or swim open And I I scan uh I have a uh a two by three grid of stocks open All on one minute charts uh And I'm I'm scanning all of those looking for You know potential uh reversal points as well So I I don't know if it'll help to show that but that's So So, you know, that's that's apple amd facebook microsoft nvidia And the cues And what exactly are you looking for in in in these? Well, let's see, uh, let me you know just looking for um You know looking for the same thing, you know kind of a trend change and um You know trend change at a At a level Okay, and a kind of a curl on this nine EMA. That's something that uh jatorator does Yeah So at this, you know, this is what I use to uh To scan a number of charts at once again. I'm still working on this You know, there may be a a better way to do that, but I I have two screens A book map open on one and then think or swim Uh open on the other Okay, so, uh, yeah, just kind of looking at some higher time frame stuff Um and scanning Now I see a couple of questions from um Stuff on pick pick one stock and I'll pick one stock of those and I'll uh, I'll take a look at that and uh Actually, I don't think that I think the only one that's available In hero is till right. So let me uh, let me see if I can show that Go back to you know, it may not That may not be available I know those others are not Let's let's get rid of this and go back to The uh complete list Oh till raise there. So that's the signal for uh for till right corresponded uh You know one to one with with option trades today And mostly calls was what was driving the stock as expected yeah, actually, uh Let's see. Someone's asking here um about Um, if you can explain a little bit more about how call buying indicates a short, um He was confused by that okay traders were We're buying calls All week and stocks like nvidia um And and other other stocks There's a typical I guess meme stop cycle mean meme stock cycle traders will start buying Uh calls on monday that expire that coming friday And that goes on all week like it did in In nvidia and those calls are decaying assets they Uh as friday approaches they start to lose and all right. So when Traders are buying calls Market makers are selling calls selling those calls and they have to buy stock to hedge their delta exposure So as time passes And You know friday approaches those calls start to lose value Uh Market makers don't have as much delta exposure And they can start to Sell their long stock edges So that's that's how that that works So that's why um Why I anticipated uh looking for for shorts today is uh again traders would Presumably take profits Uh And then also market makers would start to Unwind their long stock edges No, that's a great great answer. Um, it's really interesting stuff. Um, so let's see here. Um Back to Discord and um Let's see Hero is not available in the thinkorswim version of book map It's only available and uh In global global plus available from from book map And david asked how did hero behave in the close today? Is that uh that for es? I assume that's what he's asking. Let's go back to es. Yeah, I think so So again hero is the uh and the green line on the sub chart and it looks like traders were Buying calls And or selling puts into the close And that uh, you know, that's more prevalent In the last hour It looks like there was a large block trade right here In this straight vertical line here And uh, you you can see the corresponding trade for uh 47 k right there Yeah, Brent Brent was talking about these block trades, uh last pro trader webinar And you see these spikes like that Right what what kind of insights or how do you look at it? Um Your takeaway on on that integration with the order flow there Well, I would look at that as bullish Um You know seeing a large block trade, you know, that's obviously uh institutional And uh, you know, you can see that after that that block trade there's follow-through CVD is rising Uh by stops are are firing off You know, that's that's all all bullish. Yeah, that's a really nice kind of Uh, you know correlation of events there, um, right You've got all sorts of things kind of all telling you that this is and that was the the low Uh, or I'm sorry that was the low at well just before the close. It looks like there. Yeah you know that Swing low there at uh So, I mean, are you I'm just really Curious, uh, Doug. Are you capturing these moves these huge moves like that? Like all the way back up to Uh, and looking for something on the opposite side Uh in the in the options to kind of give you insight to where Uh, you may consider um exiting uh I I do look at um Options trades as a signal for exit Is is that uh, if that's what you're asking? Yes, that is one of the uh, one of the uses of Or one of my uses for uh for hero So did you did you hold this until like, uh, I don't know maybe uh, the close until uh, four o'clock east coast time No, I I was not trading this actually, uh I you know, I I normally work out at this time. So I I had to I went and worked out early So I was not trading this afternoon. I finished my trading this morning and again just trading stocks Right, right and you know as as I discussed with you earlier. I find that Well, first of all the spot gamma hero is a fairly new tool introduced and beginning of this month beginning of march and I find I started looking at stocks again because of all the stocks in hero and uh, I I I just find stocks easier to interpret there's less information the uh correspondence with hero is much more direct or the correspondence with option trading for for many stocks is um You know much more direct than it is with the es And the liquidity is clear So I you know for the time being i'm mainly focusing on stocks Yeah, that's a big switch um from before. Um, right and um, and it's due to this new tool Uh and integration uh of that as well Yeah, you know, I I I can only do so many things at one time and Right now. I'm I'm focusing on stocks. That doesn't mean that I won't focus on On the es in the future, but yeah, you know At least for now. I'm focusing on stocks Yeah, so the um You I mean it's so only for a month now since you've had access to um This tool Right. Uh, so this is all really new. Um Trading for you and you're you're still kind of uh, figuring it out. Uh, basically Yes. Yeah Yeah, this is a new new tool Before there was only book map hero Which again shows um Combined signals for for stocks for calls inputs And for es for example Uh spy and spx calls and puts transactions and the corresponding market maker hedging activity um I I think this tool is uh for me really a game changer And I uh, you know, I can cover some things in here quickly if there any questions or what what do you think bruce? Oh, yeah, I mean uh, go for it. Uh, the I think the the questions, um, I mean, there's some kind of uh, Um, comments about this being kind of complex or it kind of boggles the mind, etc Um, and and yeah, I mean options and you know, listening to Brent talk, it's like You're you're listening to like a you know, a phd brain surgeon or something. Uh, well, yeah this there's a lot of information Yeah, and and uh, you know, on the all of these spot gamma tools available. I use as much as I can Uh, there's still quite a bit that I don't use Uh, now I will say that I have watched Every spot gamma, uh, webinar and youtube presentation at least twice And I've You know all the presentations webinars that Brent has done for Bookmap I've watched those twice as well at least And I you know, it's taken a while to absorb but it's just such Valuable information Uh the Again, it shows, you know, this tool shows clearly that for many stocks the key driver of price action is the options trading and the corresponding market maker hedging flow And it's it's nice to have a view into that And to you know help You know confirm your trades. It's a you know great confluence So this tool again is new. It's only been out for a few weeks and um What it's showing You know just briefly on the left here. These are some trending stocks that You know apparently spot gamma has some kind of proprietary indicator that shows some some key stocks And then the total This column shows A list of stocks There are right now a hundred and thirty seven stocks available In this tool and I have created a watch list of A limited set of those stocks that I believe Have a strong Consistent correlation with options trading and market maker hedging activity So the tool you know shows the current price the price change this hero signal which shows The signal in relation to This gray bar here, which is the 30 day range And then the colored section, which is the five day range So here it's showing there's a A strong signal for apple And you can see that both the call input Uh, you know traders were selling puts and buying calls all day And then just kind of the opposite in air bnb here And um, you know, it looks like as expected for a stock like air bnb that uh calls would be driving so You know, let's look at the total signal And um, you know pretty much a One-to-one correspondence a nice leading signal for the uh reversal here and then this This number here, I think is the Raw they call it the raw hero value So you can sort by any one of these columns So I just I I scan through this during the day Again, this is kind of the the first version of this tool And I I think the You know of course spot gamma will Make some Make enhancements as time goes on I find this is uh again a game changer for me Okay, um sam in youtube there, I think he's just answered a lot of your questions that you were asking So I think we're caught up there Uh and back to discord. Let's see here. Um And ball I ask what is this tool this is This is spot gamma hero and it is uh A separate thing from book map and I use book map and And spot gamma to uh, and yes, I do use this for day trading. Uh mayhem is asking asking about the cvd Um, and uh, how are you using that? It looks like it's yeah by just by minus cell regular cvd Yeah, I I the only thing that I've done to uh To change cvd as I've changed the colors Yeah, just simple otherwise it's the uh Session range default settings. Yeah Yeah, really simple stuff. Oh, you have them split out. Okay. Yeah Uh, yeah, you can do that and you know, there'll always be a positive value, of course, but uh, um, the The one that where it's not split out. It's just by minus cell I I I think four lines in the sub chart is Is uh, is it off? I um You know, this is Any more it would be confusing. So I have uh Both stops and icebergs set to some accumulation and I find that much more Much more helpful Provides greater insight for me than than any other setting And then I have the the on chart indicators that show the the separate events And then the again the stops and icebergs in In some accumulation Yeah, yeah, um, let's see. David. I think he's asked or answered a lot of your questions there, um about the The way that he's using it, um And uh, and then trading stocks it sounds like so let me know if uh That answered it, um And david I use uh hero as a Uh as a confirmation. So If if I see row, uh You know hero going down in a stock. I'm looking for short entries only Uh, I I'm not going to trade against Um Trade against hero. I'm going to trade with hero. I'm going to trade with the With the market makers Yeah, can you explain a little bit about that? Uh, Doug? I mean uh, Brent has talked about it a few times. Um, but Maybe you can be a bit more clear on it. Like, um, uh, you know, he Notices that on the way up um You know the You know, it just kind of uh, the way that the market makers are Um hedging that uh, you'll get kind of a pull back and it'll go up again and a pull back and it'll go up again Uh, but when it starts to work its way on the downside Uh, you know, you you get pretty strong moves Right and I uh, I definitely prefer to Uh trade on the short side than the long side I think the movements are are faster Um Now you can can see here the sharp moves down And then the kind of the slow grind up I I I prefer to be in this stuff Uh, you know these these sharp moves down. So, um, you know, again, I'm Uh, I'm looking at hero and want to trade Um with the market maker. So again, um The way this works and what what this is showing is, um Uh and and microsoft may not be the best example. They're they're other stocks, you know, I guess it was uh last year, uh I I think that amc and gamestop were in the news all the time traders were were buying calls and then market makers Are selling the calls that that's a negative delta trade and market makers want to maintain Uh a neutral delta They're not uh looking for a directional trade market makers want to main um Delta neutral so they They hedge their delta exposure From selling those calls by buying stock and that that drives the stock up So as traders continue to buy calls the market makers sell calls and buy stock So it's just kind of a cycle that goes on and then that uh, you know, that can go in reverse as well So, uh, you know again in this case, uh traders were We're buying puts and selling calls and that's that's uh Negative both negative delta trades Uh So market makers were selling the puts and buying calls And they don't want to take on that positive delta exposure. So they still sell stock to To neutralize their delta or hedge their delta So on on this one here, you know, I think you pointed around that kind of around 10 45 to 11 That you were getting on you know on the short side um And where where would you optimately be looking to exit? Based on these your strategy I I would be looking uh at the the levels of high liquidity So the primary target now I'm I'm going to post this later on Uh, I haven't finished my marking up my screenshot But this was you know, clearly the target It's you know, first of all, it's big round number 300 It's the key gamma strike and also it's where the most liquidity is concentrated You know one You know, I I believe that price You know seeking always seeking buyers and sellers So this long-term liquidity that came in And uh at the open at 9 30 Uh was a primary target You know very obvious You know, that's uh, like I said um You know why why stocks are often easier to uh to trade is because of this clear liquidity that stays in the order books and acts as a magnet Um, David, uh, you know, I mean tons of questions in here. It's fantastic. Um Let's see. I guess um First is I hope we can get to them all. Um, you're asking about how dug uses cvd in combination with hero Do you ever see a situation where cvd is moving up and hero moving down? All the time And then how what are your actions on that? I follow hero I you know just from experience. I've seen that uh That hero is the uh You know the market maker hedging activity that is shown by hero is the key driver, of course, I would prefer to see uh cvd and Uh hero going in the same direction, but if they're going in opposite directions You know, I want to confirm that with price action uh But I you know, I'm I'm going to uh go with hero just again based on experience and what I've seen Hmm Yeah, that's uh, that's interesting. Um David is asking about uh, and you I kind of I'm gonna mix in a bit of a question From my side as well here about Do you notice on which days on some of the stocks there is more positive delta hedging like mondays monday mornings wednesdays Well the typical cycle, uh, let's let's take a look at Uh, let's take a look at tesla for example. That's one stock that has uh really been heavily influenced by options trading this week You know the typical cycle is that on monday traders will start buying calls This I I think the two most prevalent stocks this week, uh, were invidia And tesla where this was going on Uh, and you know, you I don't know tesla was up, you know, 15 20 points every day. It seemed like, uh, you know, the invidia and tesla were both up a lot this week And that was all corresponding to call buying So again, uh The you know traders whoever they are retail and I think certainly some institutional hedge hedge fund traders are Doing this as well Getting in on the cycle of buying calls early earlier in the week and driving these stocks up and then So these are those are more momentum plays in in in that sense and you're looking for that Yeah, and that you know that was going on on apple as well And it can actually continued continued today, but they're buying calls that expire on friday So they you know, they're buying one You know one week uh expiration so again, they're starting on monday buying the uh Uh buying the calls that expire on on friday there's a another tool uh from Spot gamma this equity hub and I have my uh My watch list in here as well and this shows the uh the amount of gamma That expired and I have this sorted by the largest amount. I think let's see Thought I did largest amount of gamma expiring today, um And you can see this is the uh the expiration 325 for all these stocks and uh You know from 51 percent all the way down to 31 percent so a large amount of gamma expiring today And you know these were all Stocks that I would look at is uh You know look for bearish positions Later in on friday and then uh, you know, they may start up the cycle again on On monday of buying calls So bullish earlier in the week and then uh on friday bearish, you know, that doesn't always happen But it uh it did at a lot of stocks this week Yeah, I mean we there's a lot of things kind of going on um in uh In the market right now But as you continue on and we'll do another one, uh, or maybe a pro trader webinar with you But as we continue on You know, you might start to look at like kind of order flowing book map on a much much higher time frame Uh and kind of cyclical cyclical with the Like you said starting off in the in the beginning of the week. Wow. Okay. They're buying a lot of calls And you know that the end of the week those are going to be expiring Right, so I mean you already have basically two points to look at For the week In some of those stocks Right, so and and then what how do you do you look at that way or do you start to kind of um See if it continues or you maybe midweek you're kind of looking forward to chop or um, you know What has been your experience so far? you know I That's that's my overall thesis for the week is uh, you know calls will start to traders will buy calls Stocks move up earlier in the week and then Start to sell off on Friday. So that's the basic thesis and then I of course I look at Hero to confirm that and I'm looking at spot gamma and book map hero and then I I don't make any trading decision without looking at book map and You know, it's a a combination of of both so You know book map So spot gamma gives me the overall thesis and then Book map shows me the trend The price action and the targets and the trigger So that's uh, you know, those are the kind of the items that I talked about on my uh webinar last year Uh, you know again Coming up with a thesis and then looking at book map for the overall trend Uh And of course the targets are liquidity And then again the triggers, you know that the uh trend breaks absorbs it and sweeps reactions at liquidity and and uh round number levels And v-wap and and what's interesting about all these other things that you're looking at. Um, these are only Confluences to go in your direction of your overall thesis Right Yeah, so I mean you're looking for the order flow uh to support that thesis And then you have all these other confluences that To also kind of help guide you and just kind of give you a better feeling about like, okay It should do what I'm looking for Exactly. So, uh, you know again, this is something that I'm I'm still working on And uh, you know, it could change the the way that, uh That retail traders are trading or you know, whoever's buying the calls You know that that could change in a moment and it and it has Uh, you know earlier this year, uh You know stocks were just dropping every day and this this risk on meme stock cycle was not really going on uh And you know, you have to Adjust and uh, you know get a feel for what's going on. Uh, but you know again, I'm I'm using Uh spot gamma in conjunction with book map to make uh make all of my trading decisions Yeah, yeah, it makes sense. I mean this is that you um had we're studying, uh, uh, and had come up with uh, and uh Even more so now in fact, you've even uh drilled down into Looking at and filtering for specific stocks now And that's that's new uh for you uh, yeah, and Looking at some of the uh the questions uh David, I You know if I can determine which calls they buy by looking at thinkorswim um thinkorswim has detailed option stats Uh for You know all the instruments in there uh, so I can see uh, you know the total number of uh Calls traded on the ask on the and on the on the bid And then it also shows the um the open interest in volume for uh uh each stock you know and in uh interactive brokers uh looks like you could open and uh an option chain look at uh uh The options for today and see which options have the highest volume and you know which ones they're they're trading Um And the key gamma strike Is the uh An area of concentration of gamma that's think of it's like open interest so open interest combined with gamma so that's the uh uh The level of uh Again of uh gamma concentration it's it can act as a Uh a magnet for price and if I uh, you know Go go to the uh spot gamma website And the I think their help page is free and available to everybody and you can search for a key gamma strike and see a uh A more detailed explanation And let's let's look at uh tesla Oh, david is asking about uh 10 30 Let's zoom in With tesla there is a Uh a one to one correspondence typically with uh with hero so with hero moving down tesla is moving down hero moves up tesla moves up You know same so it's uh A very direct correspondence And this shows what's what's happening at uh At 10 30 for david Hero starts to turn up as as uh tesla turns up Bruce, so there are any other questions? Yeah. Yeah, just kind of scanning through I I think I've gotten to everybody here If there's something kind of burning, uh, uh, please Pop it in there. Um Yeah, we're just kind of getting some chat back and forth here about the Uh interactive brokers and and I think or swim, um, etc And markets and mayhem is asking about stops and icebergs um I focus more on stops than icebergs um I find It seems to me that uh the larger traders That are trading with icebergs Are potentially trading in a higher time frame And they're often selling strength and buying weakness Uh now with that said it looks it often or sometimes see that uh a trade Uh in icebergs will kick off Uh A reversal move But I I look at uh Look at stops more Focus more on that and especially is a uh a confirmation of a move And it you can often see that uh stops are the key driver Uh of a move in es Okay, at least that's my my My point of view and and my experience Yeah, yeah, it looks like uh tom tom b is saying the same thing on the uh on the stops and uh Uh a basic question from bala How do you get this indicator or use this indicator to get into a trade? I think you you we covered that one earlier Yeah, so Uh spot ask Uh use hero as a leading indicator for price Uh for some I think looking at uh Spy For es Can often be a leading indicator Uh for for tesla. No not Uh not very often Uh Again, I like I said my observation so far is there is pretty much a uh a one to one Uh immediate correspondence with hero and price action in tesla Uh and I haven't looked at this long enough in other stocks to um To make a judgment by but I have noticed that uh, you know and like I showed uh earlier In this presentation as well as uh and bruce's that the options trades In spy were a a definite leading indicator of the uh reversal in es So it just depends on the instrument Yeah, yeah, I mean, uh, you you've done it to us a couple times just recently, um Take a look at spy on this or that and Like today it was just it was it was beautiful And uh really really um big drop Uh david we can we can show you maybe um, uh Sure, no problem. Um, maybe um, I think We're kind of kind of wrapping up here. Doug's been going for about an hour and 15 Um, I'd be happy to go through the sweeps and absorption indicator on stocks during the uh advanced webinar If that's okay Oh more in the way that how he uses it. Okay. Um, maybe you want to cover that uh, uh, Doug I uh You know, I look at um And I'll uh, you can see it in in a lot of my posts for stocks That I'm pointing out the uh absorption the sweeps at At reversal points So I'm looking at uh, and like I showed in uh, Microsoft Earlier and I'll post this later on my marked up screenshot that uh, You know often there's uh Uh You know sweeps and absorption going on at uh liquidity or round number levels that uh, uh precedes a reversal Yeah, um, so Uh David I I find the the clutter is a lot less in stocks than it is in uh, es Uh, the the stock charts are a lot cleaner. There's less going on Less noise in the heat map uh The liquidity is clear much much more clear And uh one other thing bruce. I want to point out Um, I I write articles for spot gamma And I am I've been working on an article about how I've been using the new spot gamma hero Uh, I plan to submit that finish that over this weekend And submit that to spot gamma on monday so it should be published Uh on the spot gamma blog early next week Yeah, I put links in in the uh, uh in the chat for both youtube and discord there So people can click on those and and I think you have a section there, right? Right. Yeah, and uh, yeah Go ahead Yeah, you got I think your tag is correct. That should go point to all of my articles on the spot gamma blog Okay, uh, and for a lot of questions about some of the uh options and Etc like uh, I think dug was uh describing which I think is really um, a really good suggestion of rewatching, uh, for example, some of the webinars, uh, with uh, brent Here at book map and then also, uh, the webinars and and content that they have over at spot gamma Uh, I think together, uh You know, it dugs watched them all twice. That's pretty incredible. That's a lot of hours Uh, but uh, you know, it's he's kind of formed this, um, new A trading plan based on uh, these tools that have not really ever been available before Uh, so, uh, very very lucky to have uh, a dugs insight on this All right, so I don't think there's any more questions. Um, I think uh Okay, I'm sorry. It looks like, uh One more from mayhem Why don't you give it a shot? We'll do one more and then we'll call it call it a day here Okay, no, I guess we don't have it. Um All right I'll go through these questions later on and, uh If there's something that I didn't answer. Oh Um Oh, yeah, okay. Yeah, you know, you saw try and answer them. He was talking about filtering out the noise there Um, and uh Maybe I'll assume minimum threshold you have on on stops Well, let's take a look. I um I I don't really have anything like Uh, like scott pulsini now I do have, uh threshold set for alerts, but I uh, my observation is that The number of stops is relative And it could change from day to day the amount of stops that are that are, uh, influencing price action So I you know, I uh Let's go so you use the uh, probably the automatic filter then In there. Yes. Yeah. Yeah, that's a great tool So yeah, so the automatic threshold um and you know and Go back and take a look at my uh Post in the futures channel. Yeah, you may have to search back a few weeks. But uh, you know, I find that stops always influence price And the number will change from time to time From day to day and from time of day. So that's why I use the automatic automatic threshold And you know, sometimes it could be For es 200 stops They're influencing price. Sometimes it could be a thousand So I I I don't have any specific number Yeah, yeah, no, it makes sense. I mean different times a day, etc Right Different days different volatility You know So, uh, yeah, I think I think we're all caught up here And getting lots of thank yous, uh, Doug And Yeah, very much so, uh, you know, thank you so much. Um, it's really unique to You're doing something unique and we're really kind of very lucky to have access to What you're doing and and that you're being very transparent about it. So, uh, yeah, thank you very much. Um, and Let us know how we can help you I'm moving forward. You've been helping us out. Uh, so so, uh, yeah, thank you very much Well, I I'm glad to do it. Thanks bruce. Thanks for, uh, You know all that you do and thanks for everyone for sticking around late on our friday afternoon and watching this and, uh One last word. Let's get more stock traders in here and uh in book map You know, let's get some Get some activity going in the stocks channels and, uh You know get get some ideas going and some collaboration going in there. Yeah, absolutely. Um, let's uh, You know Try to get some more interest in there and we can also cover more stocks during the advanced webinars Um, we just kind of cover what what people want. Um, right So, uh, uh, the majority rules there So, uh, okay. Well, uh, yeah, thanks everybody for for coming. We'll do more of these. Uh, and Really good one here with dug And his his trading style And you put I put in links there In his twitter, etc. So you can you can always reach out to him via twitter Or find him right here in the in the discord room and ask him directly. So, uh, Yeah, thanks everybody and have a good weekend. Thanks again, Doug. Uh, and we'll catch up with you next time All right, thanks everyone. Okay. Bye. Bye. All right. Bye