 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and options 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 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 Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And I will be talking about setups today and just to be clear, I will be talking about a setup in an underlying asset like the S&P 500 or a stock like Apple or Tesla. And those setups can be taken in any number of ways with shares, for example, the S&P 500. The trades that I will talk about can be taken with futures, with spy shares, spy options, or SPX options. And finally, questions or comments are welcome and I will be watching the Options-Doug chat channel in Discord and the chat and YouTube for your questions and comments. All right, let's get started. My agenda, what I want to talk about today. First of all, I'll talk about news items, economic data releases coming out this week. Then I'll go through my positional analysis and then finally I'll talk about setups. All right, so first of all the news items this week. Coming up tomorrow, it really begins tomorrow with the CPI report at 8.30 a.m. eastern time. And then Thursday the PPI report comes out at 8.30 a.m. eastern time. And then finally Friday the consumer sentiment data, Michigan consumer sentiment comes out at 10 a.m. eastern time. And also there are a number of Fed speakers throughout the week. So if that's something you want to watch, I suggest you take a look at some sort of economic calendar to see when the Fed speakers are scheduled. All right, so that's the economic data coming out for the rest of the week. All right, let's talk about positional analysis now and let's start with the S&P 500. And this is the ES futures, S&P 500 futures in bookmap. And before I look further at this chart, I'm going to take a look at a larger time frame. This is SPX with a one-hour chart and thinkorswim looking back to the beginning of April. And this is showing SPX trading in a fairly narrow range since the beginning of April, although it did start to expand some last week. The red lines on the chart are SPOT gamma levels, the red horizontal lines. And these are showing the key SPOT gamma levels. These are provided to SPOT gamma subscribers for a variety of platforms. Again, this is thinkorswim. And this is showing levels of high gamma where market makers are likely to react. All right, let me point out a couple of key levels. First of all, this is the 4000 level, SPX 4000. And that is the put wall, the strike with the largest negative gamma that can be expected to act as support. And that's also the absolute gamma strike, the strike with the largest absolute put and call gamma. Here's the volatility trigger at 40.95. That is SPOT gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. And in a negative gamma environment, they have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. Then on the other hand, like the current situation, market makers position on the gamma curve above the volatility trigger is positive. And that means they have to trade against price to hedge their delta exposure. And that tends to subdue volatility in a positive gamma environment. And then finally, here's the call wall at 4200. That's the strike with the largest net positive gamma. And that can be expected to act as resistance. So those are the primary key daily levels that I follow. The put wall, absolute gamma strike, volatility trigger, and call wall. And there are a couple of other things to point out here. First, this dash purple line is showing the lower and upper bounds of the weekly expected move. This is based on the options market. This is something that I put on the charts before the week starts. And then this is the dash blue line is the lower and upper bound of the daily expected move. And this is again for SPX. All right, so that is a one-hour chart. Let's take a look at, let's zoom in a bit, take a look at a one-minute, one-day one-minute chart and thinkorswim showing the same levels. And these are the levels that are in play. There's really not, not much. This is a very narrow range. So here's the volatility trigger at 40.95. And again, this is SPX, a one-day one-minute chart. And SPX did gap down and gap down close to the, or right at the lower edge of the expected move for the week, that dash blue line and now is trading slightly above. And so the SPX is trading above the volatility trigger at 40.95. Also the 4100 level. And then the 4150 level is above. And so again, SPX trading at an extremely narrow range today. Not a lot to see here, not much for intraday traders to do. If you're buying, if you're selling premium, it's probably worked out pretty well. All right, let's take a look at Bookmap now. So, Spot Gamma provides these key Gamma levels for a variety of platforms. And for Bookmap, they use this Cloud Notes. And there are no Spot Gamma levels shown on the Cloud Notes that are in play in the current price range. And then I have my own column of Cloud Notes shown here with the C Levels column. And I'm showing SPI key SPI levels. And there's the SPI 412 Absolute Gamma Strike Volatility Trigger. So as far as SPI goes, Market Makers position on the Gamma curve is slightly negative below the volatility trigger. And that's the 412 level. And then here's the 411 level. And that has acted somewhat as support today here and here. But again, the 411 level are slightly below and slightly below the 412 level. Those levels have defined the range for the S&P 500 today. And we'll take a closer look at this in a few minutes when I talk about setups. All right, so that's the S&P 500. Again, not a lot to see here. Hopefully with the CPI report coming out tomorrow, that will release some volatility. Hopefully, price will start moving again. All right, let's take a look at the NASDAQ now. So here's the NASDAQ futures, NQ futures. Again, on Bookmap. And before I look at this chart, I'm going to take a look at just a QQQ chart and think or swim. And here we go. So this is QQQ and think or swim. And this is showing the levels in play. This is a one-day, one-minute chart. And this is showing that price is trading up and down around the QQQ 322 level. And that was also an important level yesterday. And that is a large Gamma 2 level, that L2 level. That's what that means. Large Gamma 2 and the ranking of the importance of the Gamma levels is one being the highest by being the lowest. So that, again, price is trading up and down around that level. All right, let's go back and take a look at Bookmap. And again, we can see the 322 level in play and note the concentration of volume. This is the session volume profile. SPP. And showing the concentration of volume here just above the 322 level. All right, pretty quiet day in the NASDAQ as well. And I'll talk more about the SP500 and NASDAQ in a few minutes when I talk about setups. All right, shifts in levels. And there were a few. For SPX, there were no shifts in levels. We're looking at the Gamma levels and looking how they shift from day to day. So let's go take a look at the Gamma levels, absolute Gamma levels in Spot Gamma here. I'm going to start with SPX. So in SPX, these are the absolute Gamma levels, Market Makers position at these different strikes. And the orange bars above the zero line are showing call Gamma or positive Gamma. And below the zero line, the blue bars are showing negative Gamma or put Gamma. And for SPX, again, there were no changes in these levels, these Gamma levels from yesterday. So here's the 4000 key Gamma Strike or absolute Gamma Strike as well as the put wall. So it's pretty obvious that's the absolute Gamma Strike, the highest level of call plus put Gamma, absolute value. And then also, that is the strike with the largest net, negative Gamma, that's the put wall. And then the call wall is up at 4,200. The strike with the largest net, positive Gamma. That's expected to act as resistance. And then there are also some key Gamma levels at 4,100 and 4,150. And we know that SPX is trading between these two levels today. All right, so that is SPX. Let's take a look at SPI. I'm going to zoom in. All right, for SPI, there were some shifts in levels. So for SPI, the volatility trigger shifted higher. From 4,11 to 4,12 today. And then the call wall shifted lower. From 4,20 to 4,16. And here's the call wall. Again, shifted lower. From 4,20 to 4,16. And then the absolute Gamma Strike shifted higher. From 4,10 to 4,12. And then the put wall remains at 400. The strike with the largest net, negative Gamma. So there's the floor. 4,12, the absolute Gamma Strike. Strike with the largest absolute Gamma. And then the ceiling at the call wall at 4,16. All right, there's a question in Discord. Hello, Hector. Doug, when you enter an options trade through my methodology, how long do I stay in the trade? So yeah, I understand only in the day since you trade zero DTE. Yeah, that's correct. I hold on to it as long as possible. This for the SPX and QQQ, this is not a good day for trading options. When I'm trading options, I'm looking for movement. So I want a... I'm looking for today is definitely a range day, a very narrow range. And this is what I anticipated based on market makers position on the Gamma curve and also the day before the CPI report. So I was expecting a... expecting a narrow trading range. And in this environment, I'm more inclined to sell premium in a defined risk way rather than buy options. Now that may not apply for stocks, but certainly for the zero DTE SPI QQQ options. So the idea with buying or selling an option in a... preferably in a negative Gamma environment where you're expecting a lot more movement is to hold on to it. So that's risk that you... risk that you are accepting. It's buying an option as a defined risk trade and you can buy the option, buy the call, buy the put and then move on to the next trade and let it play out, not worry about a stop-loss. And Hector, how much you risk per position and percentage? That's kind of beyond the scope of what I'm talking about. I'm talking about really where my expertise lies in showing how the options markets affect stocks and futures. So, you know, most people would take, you know, one or two percent risk at most in a position. So that's just a general guideline. All right, so that is the Gamma levels for SPI. I normally have to do a refresh, so I'm going to do that now. And then let's take a look at NDX. So for NDX, again, we're looking at the absolute Gamma levels. And this is the 12,975 strike. And that's really the only strike with any significant amount of Gamma. And that is the call wall and the absolute Gamma strike for NDX. And then finally, let's take a look at QQQ. So for QQQ, there was one shift in the QQQ levels. The volatility trigger shifted higher from yesterday from 319 to 323. All right, so for QQQ, this is the 320 absolute Gamma strike. And the put wall remains at 310. And the call wall remains at 330. So there's the ceiling, the floor, and then the absolute Gamma strike in between. Well, let's take a look at one other thing while we're on this page. This is the Vana model. And for those of you who have seen this before, please bear with me. It does change from day to day. And what this is showing is market makers delta notional or delta exposure and the vertical axis and how that changes with price shown on the vertical horizontal axis. There are two curves shown on this chart. The first, this light gray curve, is just showing how market makers delta, delta exposure, delta notional changes with changes in price. And what this is showing is it is showing that market makers delta notional will increase as price increases. And they have to sell futures. They want to remain delta neutral. So they have to sell futures to hedge their delta exposure as price increases. And the purple curve here adds implied volatility to the equation. So the purple curve is showing how market makers delta exposure changes with changes in price and implied volatility. And that is the Vana effect. The change in delta with a change in implied volatility. And what this is showing is as price increases, market makers may not have as much delta exposure to hedge when you add in implied volatility to the equation. Let's see where SBX is trading now. We'll look at a watch list on another computer. So SBX is trading around $41.26. So that is about right here where I'm holding my cursor in this vertical line right here. So what this is showing when we add implied volatility into the equation, if price moves up from that level, market makers delta notional will decrease and they can buy back short hedges. So up until a certain point, they will actually be buying futures to hedge their delta exposure. And then if price moves lower, they will have to sell futures to hedge their delta exposure. So this is showing price moving lower and implied volatility increasing. And the purple line is showing that we'll actually have more delta notional to hedge when you take into account the change in implied volatility. All right, and this chart also shows how this has changed over time. So I'm going to go back to last Friday. And last Friday, market makers position on the gamma curve at the start of the day was negative. That was indicated by the spot gamma index that we'll look at in just a moment. So this is more typical of a negative gamma environment. And then this is Monday showing the shift to a positive gamma environment. And then this is today showing the shift to a slightly more positive gamma environment. So what I'm talking about is this number right here, the spot gamma, gamma index. And this is a, it's a proprietary measurement of the total amount of market maker, market gamma. This is market makers position. And a positive number indicates that market makers position is positive market makers gamma position their position on the gamma curve. And again, in a positive gamma environment, they have to create against price to hedge their delta exposure. All right, so for SPX, the number is positive for spy, the number slightly negative and then slightly positive for NDX and flat zero for QQQ. And I pay most attention to the SPX number. So right now market makers position is at the beginning of the day, slightly positive. And this implies lowered volatility. All right, so that is the, that's my positional analysis. And based on this, I was really expecting primarily a range day, selling highs, buying lows, narrow range, low volatility. All right, let's take a look at some setups. I'm going to start with ESP 500. And for those of you who may not be familiar with this chart, this is spot gamma hero, H-I-R-O stands for hedging impact of real time options. This chart is showing a combined signal for the S&P 500, combined signal of SPX trades, options trades, spy and ES futures. The white line is showing price, SPX price. And the purple line is showing that combined signal for options trades for all those instruments. And you can see that options traders have been buying every dip today. Any dip in price in there, they're buying. So I'm going to take a look and see what they're doing. And as expected, they are buying calls and buying puts. Let's zoom in on this. So these lines are shown in terms of delta. The rising orange line shows that traders are buying calls and also the notional value shown here at 2.38 billion. And then the falling purple line shows that traders are buying puts in the notional value at minus 487 million. So the call buyers are winning today. And they've been steadily buying calls all day, buying the dips. So let's go back and just take a look at the various components of this signal. Again, it is SPX. That's the first component. And let's notice this number here. 1.92 billion, almost 2 billion now. So for SPX, very positive delta, 900 million. For spy, 1.14 billion positive. So traders are buying calls SPX and spy. And then for the ES futures, that number is slightly negative. At minus 72 million. So net for all. Again, traders have been taking positive delta positions and essentially buying every dip. So let's take a look. We'll take a look at the morning session and you can see more movement up and down. And this is a cumulative value. So it's typically going to show more range in the morning. And then as more of this delta notional accumulates, it won't show as much range. All right. So this pretty clearly shows that traders were buying every dip. Price was making higher highs. As again, options traders were buying every dip. Let's just take a look at one thing. Let's take a look at, let's shorten this rolling window and see what they're doing now. So again, I think this shows that options traders are buying dips. Let's go back to the one day rolling window. And we can also see what the zero DTE options traders are doing. So they're making up about half of the total trade. So these are options that expire today for SPX, SPY, and ES. Turn that off. All right. Let's go take a look at book map. So RJ asked Divergent Top there possibly. So let's go take a look at book map. So what he's noticing is this divergence and it may just be a small pullback. So let's go take a look at book map now. Go back to the ES. And we'll start with a morning session and then we'll... So I'm going to zoom in on the morning from the RTH open up until about 12 noon. So we know that traders were buying every dip, taking positive delta positions. Price was making higher lows, setting up a series of long scalps at this trendline up towards but never reaching the SPY 412 absolute gamma strike. So there are the morning setups in the SB500. All right, so let's go back and look at hero now. We'll take a look at about 12.30. And as far as reading these indicators in the sub chart, there's really not much to go on here. All negative, iceberg stops and CVD. All right, so let's go back and take a look at hero. And RJ is pointing out, again, a divergence in hero. So let's go back and take a look at hero now. And let's first of all, we'll start around 12.30. That was that reversal. It took a while. Took about 45 minutes to play out the reversal at the 411 level. More chop. Then finally, around 145. Price jumps higher. All right, now let's take a look at the current hero. We'll go to a 30 minute look back period. See if we can get more insight. All right, so that is setting up a potential short. And let's go take a look at book map and see if there are any additional clues. So the first thing is this resistance level at 41.30, which was noted in the Spot Gamma AM Founders Note. And that was intended to be at the 412 Spy 412 Absolute Gamma Strike. So setting up a nice short. And notice the aggressive cell are starting to come in a few ticks below that level. Showing my the pink dots there. All right, so we'll keep an eye on that. So RJ asked, maybe you can talk about using the daytime frame hero versus 30 minutes or less. What's your experience with one versus the other? So generally, I'm trading in the morning and I use the default, the total signal with the one day rolling window. And that works for the morning. And the afternoon, especially for a large, you know, the notional value for the SPX, Spy ES is the largest of all the all the instruments that have hero. And so it helps since that number, that notional value is has accumulated so much and is so large at this time of day that it helps to change the rolling window to eliminate some of that earlier accumulated notional value. So RJ, you know, simple answer to your question. I definitely would if I'm trading the SMB 500 right now, ES or Spy or, you know, whatever you're trading, I would be inclined to change it to a shorter timeframe, like 30 minutes. And I don't think I would go less. I have not found much value in going to five or 10 minutes. I just, that's not the way I trade. So let's go back and take a look at hero. And this is a 30 minute look back period. So we'll come back and take a look at this in a few minutes. And for those of you who were watching this and for anybody trading now, that would have been a good short setup, at least a short scalp. Anticipating, and this was something quick. Seeing as RJ did, seeing the move lower in hero and then price follows on a shorter timeframe 30 minute rollback period, rolling window period. All right, let's change. Let's go back to, all right, so that's only one day. There it is on the 30 minute. So it's a parent on both really. And that is, it helps because I've just zoomed in here. All right, let's take a look at NASDAQ and then we'll take a look at a few stocks. So here's NASDAQ. I'm going to zoom in. And this is a combined signal of NDX and QQQ. And we can just see from over here that the NDX is typically pretty small compared to QQQ, but it is the total signal. So I'm going to zoom in on this. And I'm going to show, first of all, something I posted in Discord this morning. And I was looking at this potential divergence setup. And it turned out to be just a, nothing more than a scalp. But I was looking at rising hero. Then it took about 20 minutes for this to play out. And this was chopping around that 322 level. And then price moved higher, but there was really no follow through. All right, so that's the first thing that I want to take a look at. Let's go to book map and go to the NASDAQ. I'm going to zoom in. All right, so here's the, here's the long setup. And again, it took a while to play out. There was quite a bit of chop around the 322 large gamma level. Then price finally broke higher. And there was about a 20 point trade. So nothing to write home about from the, around the 280 level on NQ up to the 300 level. And again, remember, hero was diverging higher. Traders were taking positive delta positions. So that was the first setup. And notice also in the sub chart, a little bit easier to read than the NASDAQ today, that this showed the traders were buying with iceberg orders, shown by the rising light blue line. And then briefly some buy stop orders, shown by this yellow line, helped to fuel the move higher as well as cumulative volume delta. All right, let's take a look at the rest of the day. So there's been a pretty strong confirmation up and down between hedging flow and price action in NASDAQ. All right, in YouTube, Roger asked, is hero part of book map? Or is it separate from book map? And it is separate from book map. So at one time, the only version of hero was a book map add on shown in the sub chart like I was just looking at. At this point in time, that book map add on version of hero is no longer available. And Spot Gamma has now, Spot Gamma just now has hero as a separate web based application. So this is from Spot Gamma. It's separate from book map. And it is included with a Spot Gamma alpha subscription. So I'm using two primary tools here. I'm using book map for order flow and Spot Gamma for my positional analysis and for hedging flow. So Roger, I hope that answers your question. All right, so there's NASDAQ. And now let's take a look at some stocks. So the first thing that I want to point out when looking at stocks, and for those of you who do subscribe to Spot Gamma, these alerts are a pretty handy feature that will save you some time. What I want to point out here is this Google call wall breach, this alert that fired at 10.01 Eastern time. And again, remember the call wall is expected to act as resistance. So you can click on this and it takes you to Google at the time around the alert. And here's the, let's just zoom in on this. So here's the call wall at 110. And that alert came in right around 10.01. And note that price starts to move lower as that call wall level acted as resistance as expected. Let's just see what traders were doing here. So they were buying calls, were buying puts, but overall the signal starts to drop. And let's just zoom out a little bit further and see how that played out. So that alert worked well. Let's go back and separate out the puts and calls, zoom out a little bit more. So the way to interpret this, up until that call wall breach and maybe a few minutes after, traders were, before they were buying calls, that show them by the rising orange line, the call walls breached and just a few minutes later, they stopped buying calls and start mildly selling, taking profits. And during this time, they're also buying puts. So when they stop buying calls, a few minutes later, price shifts lower. All right, let's go take a look at book map. We'll take a look at the order flow. So let's go to Google. I'm going to zoom in. So there is the call wall breach, the 110 call wall breach. So notice the, first of all, the high liquidity at that level that came in at the RTH open. These are limit sell orders that traders and stocks typically enter at the RTH open and they just leave them in there until they're filled. So that price, that liquidity tends to attract price as call buyers moved Google up to that 110 level and then note the absorption at that level. So there's a buy sweep up into that level, could be a stop run, and then sellers are absorbing the buyers and price starts to move lower. As again, traders stopped buying calls and continued to buy puts. Let's just take a look at cumulative volume, delta and see if that provides any additional clues. And not really, not in a timely or meaningful manner. That's generally why I don't look at CVD for stocks. Alright, so anyway, that's a nice setup in Google, alerted by Spot Gamma. So even if you were not watching Google, if you were just watching those alerts, you would be alerted and have time to evaluate order flow and hedging flow and take a short position there. Alright, so that's Google. And let's take a look at some other stocks. Here's AMD. And remember AMD was really strong yesterday, strong uptrend. Let's go take a look at Hero. And there's a very strong correlation between hedging flow and price action in AMD, confirming a short, then a long, then a short. So let's go take a look at BookBab. So we've got a short, a long, and a short, all confirmed by hedging flow. Alright, so there's AMD, short, long, up to the 96th liquidity level. Price is absorbed to that level, moves lower, and now it's chopping up back again. It looks like to the 96th level. Let's take a look at Amazon. I was looking at Amazon earlier and thought I saw a potential divergence short, but that really didn't play out. This is what I was looking at, the falling hero signal. So here is making lower highs. Well, Amazon makes higher highs, but that really didn't amount too much. Let's go back and take a look at BookMap again. So yeah, that didn't even amount to a point in Amazon. Alright, we looked at Google. Let's take a look at Meta. So Meta was strong off the open, chopped around for a while, then got going again around 12, 1230. Let's take a look at Hero. So this is showing the total signal. I'm going to separate outputs and calls. Alright, so this is separating outputs and calls, showing that traders are buying calls, and that really didn't start until around 1245, something like that where they started aggressively buying calls. So let's zoom in on this and look at the up until that time. So it was about equal, positive notional value of about 26 million for calls minus 22 million for puts. So call buyers slightly winning Meta, kind of chopping around. Now this does show a long set up in the morning when traders are buying calls up until about 1010, scroll to the right, and then price starts to pick up and then call buyers come in again. Alright, so there's Meta. Here's Microsoft confirmation short. And Microsoft I believe was weak yesterday as well. And Grasshopper, I'm glad you find this helpful, and I will show SPX in just a moment. Now the Vana model only shows how, he says you mentioned the Vana model, it looks like price may move lower. The Vana model only shows how market makers will are expected to hedge as price moves up and down and applied volatility changes. So that's what the Vana model is doing. There's no directional prediction to the Vana model. It's just an indication of how market makers delta notional changes and how they may have to hedge again as price moves up and down and applied volatility moves up and down as well. Alright, so here is, and the Vana model is part of my pre-market planning, positional analysis, and I, you know, I, so again what that tells me for trading is how market makers are expected to react as price moves up and down and applied volatility changes. So that is part of the static data that I look at. That's part of my positional analysis that I do pre-market. And then hero and hero, spot gamma hero now that I'm looking at is part of my execution process that happens once I start trading. Alright, so there's Microsoft. Let's take a look at Bookmap. Let's look at Microsoft. So Microsoft, again remember, hero is moving lower, confirming this short from the 310 level down to 307. And so Grasshopper says, I would love to see how you use hero to enter and I don't use hero necessarily as an entry signal. It's a confirmation. So I'm looking for two types of setups with hero and other information. First of all, for hero I'm looking at and I prefer divergent setups. So take a look at the post up above in Discord that I showed for NASDAQ this morning for NQ and QQQ. Looking at hero moving one way, price moving down to a level that I expect to act as support and then eventually resolving in the direction of hero. So that is a divergent setup and then the other setup is a confirmation of trend. So I'm looking for a reversal with a divergence or just a confirmation of trend with hero and I'm looking at the overall trend of hero confirming a long or a short. Joining a pullback in a trend entry. So for example, here's Microsoft and let's go back to hero. I'm going to zoom in on this. So in the morning I see hero continuing to fall. Very strong confirmation correlation with price and so in this case I'm looking at the overall trend of hero falling and you can look at price action in book map as well as any other directional indicators you may look at. Hero is one of my primaries. So I'm just looking for pullbacks to enter short. Could be on our trend line. So once I see this and I check on the trend of hero every now and then then I'll just go to book map and look for pullbacks. Look for pullbacks for short entry. So here, here at VWAP and then I see price targets down below. I can see liquidity targets down below. So I'm looking for pullbacks heading down toward the targets below and grasshopper asks, is it hard to find hero education? No, it's not hard. Just go to the book map. I'm sorry. Well I talk about hero every day. So if you want to see how to use it for trading then watch my webinars. The archives are available in the book map YouTube channel and also for basic information on hero you can go to the Spot Gamma website. Look out the free resources and then also there is go to the Spot Gamma YouTube channel and search for hero. There's a lot of information about hero. Alright, let's wrap it up. Let's go back to the we'll go back to the S&P 500 and see how that short played out that RJ pointed out and prices just chopping around that was a good for a short scalp actually two short scalps. We'll go take a look at a hero for the S&P 500 and then we'll call it a day. Let's go back to the S&P 500 zoom in on this. Alright so let's just see if the 30 minute rolling window provides any insight and yes it does. RJ says you need the patience of a monk today and yeah that's right this is what I expected today lower volatility smaller trading range but this is what this is showing now is that now traders are selling the high options traders and RJ mentioned selling volatility you could have sold a call spread and grasshopper asked would this be a divergence and I would yes I would call this let's zoom in on this so this first short scalp yes I would call this a divergence hero falls first price moves a little bit lower and then this is not really necessarily a divergence but heroes making substantially lower highs well the S&P 500 is making slightly lower highs so anyway based on what I see here only I would definitely be leaning short and again the way to trade this the way I trade this seeing that move lower and hero I'm looking for a level that could potentially act as resistance and there it is right there the SPX 41 30 resistance level noted as resistance in the spot gamma founders know as well as the spy 412 absolute gamma strike and I would really like to see really like to see order flow supporting this alright so that's all I have and remember CPI report is out tomorrow at 8 30 a.m. Eastern time and we'll talk about the aftermath alright thanks thanks for your questions and comments and I will see you tomorrow bye