Think we're going to soon start If I can get the slides The orange slide back on the screen. Yes, great So I'd like to welcome you in this room. I was a little bit surprised that there were so many people actually interested in the telco view around OpenStack knowing that it came from Many many OTT companies small startups plus the usual Suspects in the valley around open source, but certainly not at the beginning from Telcos there was a rally of many many key players in the telco world in the last two years And it it brought us to really re-envisage the way a telecommunication service provider would operate in the future What I will share with you today is not so much about the technicalities and by the way, they were several shows open with Fantastic contributors to the OpenStack code so I wouldn't want to compete with these guys It's more about the transformation that we do go through as a telecommunication service provider When we envisage going to the cloud, you know, we have Our CEO who claims that orange Is a leading operator in the internet era? Many of us will probably wonder what that means. Well, probably moving to the cloud is one of the most Concrete tangible thing that we can use to exemplify the change Gonna cover five items At any moment, please feel free asking questions The only value of this is being an exchange Start with a little bit of what we call the cloud manifesto pretty interesting change of mindset within a telco The opportunity for us to change the way of working as we go to the cloud Why do we believe that we do we need to do some things specific to a telco operator on the grid What could a target or bad is them look like when you look at the telco inside and More more generally, how do we position orange versus many open source projects and communities The first thing is when moving to the to the cloud manifesto Actually, we like to to thank the guys who years and years and years ago on the research side worked out I would say against all established opinions that there would be a massive disruption in the market thanks to open source Solutions like open stack and if you remember at that time Vmware was a king of the world was about to virtualization Getting gradually into the cloud and open stack was still at that time a Small potential alternative, but the guys detected that there was a great potential and they helped Shaping our policy towards the cloud they helped us also identifying the key options that we would need to take In order to be successful when transforming the business to the cloud and I insist on Transforming the business to the cloud and not transforming a technical stack because most of what I'm going to be discussing today Is more about the transformation of the company Than a pure adoption of a technical solution look like We Let's say a bunch of five key decision makers on the technical side in orange Finally agreed to consider and to state that we were something like 10 to 15 years late regard to OTTs and That it was more than time that we should catch back One of the key thing with OTTs is that these guys are different have a different way to manage technologies Have a different way to manage the business. So we are trying to find out what these guys were doing Which we could take well actually we we are lucky enough that they are open sourced many of their technologies So one of the key things is we could take over a lot of their of their technologies The other thing is we also try and take the way they do business now Agility is typically what is made the mark of their DNA and Most of our customers don't tell us that we are agile Don't know why they also Try and make this agility in the time to market the Main feature of the whole organization a to z Which means a global and deep transformation for a company like orange Which was established on a very classical pattern a classical pattern means that Somebody in the marketing will think of the next service will Write a thick document specifying what they would like Hand over to the guys in engineering who will try and decipher that and put that into technical words Would get somebody outside of the company developing it or would source a solution Which would be close enough on the requirements then would hand over that workload to the operations would struggle to get something Operated etc. etc. etc. and in the end the guy who made the Expression the requirements will actually discover that what he got is completely different from what he actually Drammed off and it's really something which was repeatedly Repeatedly they in they out happening in a in a company like orange One of the key thing here is to say okay We want to change the paradigm and again, it's not a question of technology. It's a question of cultural shift Get the customer inside the room. Okay, fine. Everybody says that since 20 years, but I do actually do it Get the marketing to work Day-to-day with the technical guys who are developing the solutions so adopt Different posture different mindset make sure that the guys gets into a product on a mode According to whatever Agile me so that you can sink off And make sure that the whole set Infrastructure among stores us will be compatible with that today an Engineer who would want to provision a platform in orange would take weeks and weeks and weeks and weeks That's the reality today. He will have to struggle across many heterogeneous Technologies he will have to get flows open from one island to the other in the data center Sometimes from one data center to the other which is even more complex because you will get across multiple teams Well, how does he get? The benefit of what is the day-to-day life of an OTT player, which is how do you provision? More or less freely the same platform in minutes and spend your time Focusing on the service itself on the definition of the application and not on managing the bits and bolts of the infrastructure Also, how do you enable the the? new service That will want to get released on the market to freely Consume capabilities resources Exposed by the rest of the legacy stack, which means how do you open APIs? How do you loosely decouple? Modules of services enablers etc within the setup all of that is bread and butter for any company on the west coast and It's certainly not the way most telcos operate today So there is just a deep shift with regard to how the company from a to z will Operate there is also another another big risk is that we would confuse the cloud and the virtualization Virtualization is things which we are doing over the last Five to eight years depending on countries and we do have most of our workloads running on virtualized infrastructure But that brings no change. What I mean there is that it doesn't help you get a service Promote it to the business to the market in minutes You're still struggling with the same urbanism You're still struggling with the same question of having multiple teams cooperating together to get a platform provision now When you would want to put a code from a legacy world on to a virtualized infrastructure You do struggle but most of the time you will succeed What does it bring you if you face reality in most cases a legacy code will best run on a good bare metal stuff And if you put it on a virtualized infrastructure best case it will get a little bit less robust a little bit Little bit less performant But you may still may make it work and then you move it to the cloud. What do you get? Pretty nothing no advantage on the contrary if you do embrace deeply what the cloud means in terms of Leveraging on the infrastructure very differently Leveraging on the elasticity the resilience that you will get not from the infrastructure, but from the code Massively spanning multiple instances of your applications across multiple data centers to reach the level of Resilience that you need then you will get a very different world. But what does that mean your coders need to code differently? Your operators need to operate differently. You need to be able to monitor that Well, most hotel codes do not have the tools To monitor that today, etc. Etc. So again when you look at the way you would redesign your application it is a challenge because the simple Level of readiness of the infrastructure and the process is not there in most telcos and then Again, you need to adopt what makes OTT is much more agile and efficient which is Where it makes sense and I insist on the where it makes sense Go DevOps the whole way Meaning get the marketing the engineering team the operations team in the same room working together as a project team Which again goes against culture Goes against the usual way to do business. So it is a deep transformation Having said that most key Technical decision-makers in orange acknowledge the fact we also set the ambition which is that's nevertheless where we want to go And we're gonna unify The various efforts across the orange footprint to really make it happen in a reasonably short time frame reasonably short time frame compared to the History of a company like orange not the history of a startup So we do not have a view that a company like orange can transform in one year. It will not happen But we have a view that by 2020 We can have our eligible applications Really cloudified Operated in a different way moved on to different infrastructure infrastructures Eligible applications. What does it mean? Well, most probably you do not want and you have no return on investment To cloudify a very stable back-end which runs on its legacy infrastructure. Don't touch it Just put APIs on top But wherever you interact with a customer where you wherever you have a front-end Systematically cloudified Benefit from elasticity allow the customer to really drive the way he will consume the service So reverse the relationship between the application and the customer the application and the resources He will actually use make sure that you digitalize Completely the relationship with a customer and that the customer will benefit from the cloud in its turn not only you Networks are going through a massive transformation right now All vendors are trying to get their Appliances transformed into a piece of software that gonna run on OpenStack fine By 2020 will the whole network be transformed? Maybe not But at least all the core network will be all the vast will be Everything that is really non-adherent to the copper or fiber cable everything Which is non-adherent to the antennas on top of the roof all of that could be massively massively transformed and Then what we call services is all the rest service platforms All of that will be cloudified because it's the only way for us To still be alive in 2020 facing OTTs which go faster and again Who are ten years ahead of us with regard to the technology? So we made that public inside the group any partner who is interested can can get the McLean manifesto in itself for Decision-makers with an orange to publish inside the company a manifesto was already a shift of culture Right try and put your guts on the table and commit that you're gonna transform the company by 2020 Is something that is not so usual with in orange? So just wanted to highlight with a slide that the cloud thing is not and Will not be a technology challenge It is a deep deep cultural transformation of the whole business There is no team in orange which which can say that the cloud is something for the others We are all involved Usually when you take an operator Today and And some operators claim they have advanced and changed but what I see with my peers when I discuss with them is Pretty much looking like that. You have a marketing BU and you have marketing people who are dreaming of a service The run on their own Then you have design teams or development teams which will try and do something out of it Mostly with components because Usually We do consider large scale services which have a strong functional complexity and They will dump the code over the fence to people who will go try and get it integrated with the whole rest of the setup and Here when we say integrated it's With plenty of technologies that you guys never heard of because maybe you're too young sometimes to even have heard of it All right. This is not by far an all IP world We do face the difficulty to integrate with what we have which is a pile of very diverse and very legacy technologies And get the quality under control, which is not always so easy And then hopefully you will pass some some steps of quality and you will hand it over to operation who soon Will discover what this service means because beforehand they had no real touch With the service So the moment you hand over is sometimes the first time they ever hear about the service and they get the shit posted over the fence now Most of the enablers we have are running on legacy infrastructure When I say most it's probably 99.5 percent of our enablers which are running on legacy infrastructure to date it's moving and When you could look at the number of workloads moving on a cloud it's growing fast, but still compared to the stock It's a teeny bit One of the legacy one of the challenge is really to get proper APIs on those legacy enablers so that they would behave as if they were cloudified towards Cloudified workloads and then you have a nice computing grid plenty of tools around Pretty much empty to date With a very strong ability to expose APIs, but again So far few tools Services people are using those APIs getting it's really changing fast. It's growing fast But still compared to the stock. It's a teeny bit when we say cloudify we start very often because we are rational people talking about the green bit How should we evolve the processes? How should we get the guys to work together as one team and not as Four different silos running in sequence and very often you stop there and then you fail Because simply the problem is not the process the problem is culture and skills Culture Getting the guys who is in marketing to consider that he should actually talk to work with the engineers getting the engineers to consider that the guy who is Bringing him marketing details is not is not simply talking bullshit, right? Because the guy doesn't know how to code Seeing like that. So we need to get a cultural shift By having people dreaming of collaborating within a end to end project instead of Considering that they are the expert in their domain and that they should be consulted Moving from consultation to contribution is a first step then getting a level of trust Across the organization that a project team could actually make the right choices That they shouldn't go through committees validations senior management kind of approval But that if we gather the right people in a project team with a right skill set then we should trust there That they will do the right choices That's a tough one and That's 100% against the traditional telco culture sharing Just one one kind of sharing which is antagonistic to our culture today Service hay will consume a capacity exposed by service be in a nice SOA mode Well, the first thing and the team in service a should do is talk with service be because you never know and By the way, because the service be will demand that they are consulted before the service is consumed by anybody else In the in the in the cloud world. It is a nonsense, right? You expose an API and happens. What will happen? And if somebody will use it It's great thing because that means your stuff is useful and if nobody is using it then Darwin will kick in And soon your stuff gonna be demock decommissioned. It's completely different mindset When you will go there, you will also consider that simplicity is driving the show If you take a classical provisioning fixed provisioning mediation in a telco operator This fixed provisioning will probably manage 100 plus use cases Because each and every possible service which came on top wanted their own stuff implemented in a mediation, right? That's a weakness of being able to doing it The technical guys were saying yes, we can do it. So they did it Now in a new world you would probably say Let's expose three or four of these use cases for an API And leave the choice to the project Either they can cope with one of these use cases or they're gonna have to go through a end to an integration process And then believe me They will find a way to cope with what is exposed Because if you take five minutes to consume what is exposed versus six months to get the end to an integration dawn It's a life and death sentence on a service skills If you take for instance the the marketing boy Today has a conviction He visualizes he has a mental map of what he wants as a service This mental map is actually extremely difficult to share. So he tries and describes it hands it over to the engineering engineering will understand it with their own EDM and They will probably understand it differently What we tell them is don't have any conviction maybe start with something small and Then put it at the test of the customer and listen what the customer will say and if the customer love it great If the customer doesn't stop it and if the customer loves it listen to what they want more And then your whole road map is driven by the customer, but that means The design people will have designed the service in a way that you can collect usage data The operational people will then have an open ability to collect the data and to expose it back to the business thing like that Well Marketing will evolve. What about the technical guys? The risk we face is that we have for instance software developers who believe that they can code and By the way, they can code But maybe they can code in a legacy way And we tell them to move to the cloud we tell them okay forget about all those nice licensed database engines With a brand name starting with oh Go for open source stuff. No sequel Make sure that your service will actually consume very small VMs But you will actually span them elastically by numbers Make sure that whatever you do is stead less That it can crash and by the way, I'm gonna crash some of them voluntarily. I will send chaos monkeys on it Seeing like that is completely different world. So we are risk-killing our developers technical architect very interesting when you go into the integration today The guy receives a document showing what the service should look like He understands the software which gonna run all these softwares and piece of software which gonna be run He will start writing a world document With this word document describing the hardware the software the network configuration All the flows to be open blah blah blah. It will give it to maybe a Subcontractor who will actually implement that or will provision it on the on the virtualized infrastructure, etc. etc etc 6 months Tomorrow same guy Should just script an XML page and push it to production not exactly the same skills Not exactly the same relationship to the project Not exactly the same way to collaborate and having iterative Definition of the infrastructure as the project will develop and if you know that the next release is tomorrow and not in six months at Each and every of these steps you will allow for much more trial and error Because you know it can be corrected the the debut the day after while if you know it gonna take six months You bloody sure want your bloody want to make sure that it's gonna be perfect And perfection doesn't exist. So you just delay everything it's a very very very strong shift of Mindset and ways of working the key word behind that allowing for all of that to happen is two things You need the security to be preserved So the first things we did Before dreaming of whatever automation tool infrastructure whatsoever was how do you completely revamp the security of bannism? When you move to the cloud What does that mean moving to the cloud from a security perspective as a telco because believe it or not? We we believe we think we we know roughly how we should manage security here, but It's not so clear when you go to the cloud Well Most of that is parametric Security Parametric security in a cloud has no meaning So how do you take sure make sure that you empower a project with all the right tools and capabilities to secure their own app? Shift The other is automation If anything is manual, it's dead It's dead because you will continue doing the same mistakes So there will be faults as you will move software to production But also is that because we are competing in a world which now counts minutes as we were continued years ten years ago And we simply cannot afford any manual stuff What is so specific with telcos that we should have our own flavor on the oven open stack? Well, the first thing is we would like not to have And ultimately I think every bloody business will need the same level of Resilience variability and the same open stack in the end will meet everybody's needs But to date we saw and we spotted several problems which made Open stack as it stands today Not really compliant with our needs.  You don't care You don't need intranets you don't need secure networks blah blah blah you expose everything to the Internet And if needed you will do some VPNs between one workload or the other and it will work, right? However, that may not be scalable That may not be scalable. That's the one problem. The other problem is it is so Contradictory with a previous way of operating that you may not see a way to get it interoperating between the new world and the legacy world So you need to find a trade-off So for instance, we need to be able to manage internal networks as Well as internet connectivity to the workloads So we defined urbanisms which we can deploy Automatically on each and every network on each and every project that could allow us for managing various protocols and Interconnection with a legacy world also We need to be able to interconnect with legacy software and sometimes to just bring as legacy software on it While bringing legacy software need is a nightmare. We try and not do it That the best learning is don't do it if you can avoid don't do it Just take new software cloud ready put it on it legacy software. Don't do it There are all the things like VMware, which will cover we need really To have a standard way of working on the grid what I mean here is that we do offer cloud services to our customers These customers are mainly large B2B companies, right? So the CIOs which we meet Actually face exactly the same challenges as the ones we do face within orange Somehow I'm a CIO of a large company because I'm managing plenty of workloads running on plenty of different legacy stuff And I'm trying to to translate to the cloud. They do exactly face the same challenge So we ended up with a conclusion that once we will have our setup ready. It is actually Completely adapted to large accounts needs. So we're going to use it Exactly the same stack the same product the same setup for private instances running orange networks and services for Private instances that we do deploy for our customers or for public instances that we use to offer to SMEs or large accounts Why because getting to that point Secures that will make no trade-off on the security on the scalability on the on the urbanisms and the design and then there is a Deep conviction around the code We do believe that there is a need to control the code hence an open source solution is ideal Two reasons for that first we need to know on what We put our customers data Because we have an accountability Towards our customers that we will be able to manage the privacy in the security If you go on a black box You just do hope that the guy who delivers to use a black box does his job well If you have access to the code you can audit whatever you want And you may help securing the solution which by the way we do So we contribute back to the community plenty of things which we See the second is This open stack stuff is Not a question for data centers most Companies will envisage open stack for the data centers only because That's where they operate, but we do operate outside of the test centers as well Our whole network Will gradually shift to open stack So we need to find a way to get the data centers and the rest of the network to interoperate Seamlessly I need the same OS For my network and for the data center and I need a totally seamless integration So for instance, that's why we contributed back to the open stack community things like BGP capabilities within the neutron So that we would see only one bloody network and we wouldn't have to consider that there is a data center on one hand and the One on the other hand all of that Made us also touch by working with the code contributing back things etc. Identify we identify few areas where we do believe there is a possible Differentiation of the operator Without mingling with the code so keep the vanilla open source solution But somehow put a little bit of differentiation on top if we were then to For see a little bit where a large operator would go and I think this is a pretty high level so Many many of you in the room will Potentially find it useless, but it helps federating the views within a company like orange and it also helps orange and other telcos to cooperate on a Shared pass towards the cloud first There will be a basic infrastructure Most people do spend a lot of time Do most of their transformation time on it? We do believe that it will happen We do believe that we didn't have to put too much effort on that meaning Open stack as a community is delivering we are Contributing back some improvements. It will work We put here access network because eventually in time It also will run on open stack Why because we're gonna? decentralize a lot of caching and storage very very close to the customers But all of that will be managed as one single aggregated network So you will have potentially in a country like France 500 pops with open stack capabilities and Those 500 pops will be managed as one very large and virtual data center Because you will need to co-locate Data's at the closest possible point to your customer. We will use pass on top of this infrastructure because It helps us getting the same agility as the ones otts will claim and whatever we do will Bring data back to our analytics capabilities in order to get a quasi real-time understanding of what customers like don't like what they use what they don't use and By the way also using that big data to detect what is going right or wrong in the network orchestration for a C ski it's it's very often Not of a concern for SMEs or for startups, but for us it is fundamental We are not providing all the bricks and elements to build a service But we do orchestrate bricks and elements to deliver an end-to-end service Service chaining is at the very beginning now We do believe that a proper service chaining policy a proper resource allocation policy will make a difference from one operator to the other Hence we are working with many partners to try and understand how they can come with solutions Bringing really and every type of orchestration, but not only Extending this type of orchestration to any potential asset that would run on the grid and Then you have an is because you still need to build the customers If not, I wouldn't be I wouldn't have the pleasure to stand here on the one hand some services Will adopt the DevOps model Why because we can easily decouple them from the rest of the pack We can put APIs between them and the legacy world So if you can then the advice is to adopt such an approach Not everything will go there will be Networks functions, which will probably not go in a DevOps model Why because we go really on service chaining a long chain of Basic elements those elements are standardized they obey to interfaces which are standardized blah blah blah so We don't see any value in the DevOps mode there and then there will be plenty of service platforms Which either will be legacy and not adapted to a DevOps model or? Intrinsically will get no advantage of a DevOps model because they will not need to change on a weekly basis And all of that need to work through API's so that you do not allow for integration to be the model anymore, but simply and only lose coupling and API consumption It looks like completely simplistic stupid But again if it is from a technologies perspective easy to do It is a fundamental change in the culture of the company Now what would take maybe five minutes to adopt in a startup on the West Coast? Will take yours and yours and yours to implement in a large organization like orange and I do believe that All the telcos face exactly the same challenge now. We do believe in open source as a A true source of innovation and a true catalyst of innovation within orange We do have numerous R&D teams working on Open source projects contributing back to open source communities and leveraging massively on open source components When we do deliver some services Probably when you look at that Especially the greenish part, but probably as well the service platform, even though they are not in a DevOps mode Will 99.9 percent rely on open source components and that's a deep shift as well. I rarely saw a so drastic and so fast move out of traditional legacy Commercial solution it is really a shift which is embarking Hundreds and hundreds of engineers Learning what is available open source on the market and leveraging properly on it Databases Meaning we are for instance contributing to Cassandra. We're also working to with MongoDB Jenkins Android meaning the OS question is really Central to us. We do contribute to many of those open source projects and one of the one of the decision which we took thanks again to the the R&D teams who were really pioneering in that respect is that we decided massively to adopt open stack as a cloud technology for whatever Will be open stack ready Again a repeat a lot of the legacy codes are actually not at all fit for a cloud and Those stuff will probably not put on open stack because it would bring more problems than solutions But whatever code we're going to source as of now Can be audited and will be meted against what we call the Cloudification or the cloud readiness and so that we know whether we are buying a legacy code or a cloud ready code Since we are sourcing most of the code we do operate It is now showing that the industry is at a very variable level of readiness versus that transformation And actually it is changing the landscape because we see our classical providers struggling through this transformation the same way as we do Transforming their business many times from appliance providers to software editor But still not rewriting completely the code and they face small companies Who did it right from day one because they were just in the right DNA for that and rewrote their code from day one and Come with a code, which is cloud ready 100% leveraging on open source solutions Horizontally scalable to meet whatever volumes would want Things like that do impact orange, but they also do impact all our ecosystem and We see a complete opening of the set of partners We have Been obviously focusing a little bit more on the network side and other things So we have for instance contributed back to open stack several improvements on the neutron module We're also part of open delight. We have been working at integrating Open control on open stack So one of the key challenge for us is ready to get open stack as a global global OS across data centers and Networks and making sure that we can operate that seamlessly We do believe that not the whole Pass has been gone through for instance on the storage side We think self is a project that could really bring open stack storage to a next level I mean the truth being that at this moment in time in my open stack implementation. There is still a filer Used to provide block storage, which is heretic. I mean it shouldn't happen. Well, it still happens Now if I had the right Distributive block storage capability, I wouldn't have to go there Seeing like that We need to make sure that it is carrier grade carrier grade doesn't mean that we want a specific flavor of open stack It means that we need to contribute back few few improvements so that we can Deploy it in operation and this is not a far fetch kind of Forecast meaning before the end of the year We're gonna have some workloads in production real workloads with with real customers Etc etc. Not just test stuff on the R&D side We need to get an open NFV Orchestration an open NFV project which will really help federating many many players in the ecosystem to find out what the right model will be Knowing that the model of engagement between the suppliers and the telco providers will change deeply and We need to find ways to get the pass Cloud foundry OpenShift whatsoever to gracefully interoperate with the NFV orchestration Several companies are working on that. We didn't see yet for instance the the breakthrough in a proper integration and a proper handover between a pass and an NFV orchestrator Just project yourself in this new world Vendor would come to a range would put their source code on the pass and the source code would be then push pushed into the continuous deployment Chain and would end up in a data center as an operational workload This is a completely different model than I come to tell you that they are gonna implant in your implement in your data center and appliance I've been spending far too much of the time I don't know if we have still a bit of time for some questions. If you have questions, there are mics in the LA's so feel free I'm pretty interested You need to go to the mic. The mic will not go to you. Sorry for that Oh, it's also Huawei technology. I have a question from based on your version. I'm very interested How will be the R&D? R&D sites in the future of orange Will be more than today or Can you hurt? There is sabotage No sound anymore the control room. Yeah, here you go. Yeah, it's better now. Yeah, okay It's also in Huawei technology. I have a question regarding the based on your vision regarding How is your vision the R&D R&D sites of orange would be Will be more or will be less What do you mean by R&D sites? Yeah, you are R&D team sites. Yeah It's if you do the open source come back and do the Contribution and you do more than today. What's your R&D doing or the R&D sites? Well as a general trend operators do not grow at this moment in time, right? Especially when they are faced to a competitive European market. We are not in the US so We do decrease now having said that there are such gains in productivity That we could still benefit from a larger Production in the years to come with fewer people If we are successful at upscaling them and the key question for us as an R&D team is not so much the number of people But the number of people who are cloud ready As I took the example if I have a technical architect today who is used to describe the whole architecture in a word document Tomorrow you will have to script this same architecture and Push it to origin and push it to The infrastructure so that is a complete shift now we do see The opportunity here to redefine how we do R&D with our partners Because most probably there is an opportunity to rebase completely the engagement model With our partners If you take I always take the same example you take prepaid IN Very very critical piece of hardware Today you deliver the whole thing Tomorrow I will probably ask you to put your source code at the beginning of my pipe Somewhere in a pass. I will guarantee that the source code is protected I don't look at it blah blah blah, but it will then compile and deliver in the continuous integration chain Your application will use my compute my storage my databases Will be orchestrated by my orchestrator So it's really only the application that is left and this application is under your control. How do we engage? from an R&D perspective so that you can commit on the performance of your solution and We can take on a ship on the end-to-end service It's a very different world But the numbers of the people is not my concern the readiness and the skill the upskilling of the people is really what counts I Go question that you have mentioned when you choose open source to develop for services And you need to manage the code is that you can have full access of the code and then this will help you For take care of user privacy and privacy for security reasons What I want to know is on the other hand Other guys also has fully access with open source codes And they are easily to find the weakness in the code So it's harmful to security issues Well first It's not because you Share an open source code that you will get Less secure what I mean here is that the the dream that because the code is hidden Nobody will be able to Reverse engineer your code and we and nobody will be able to Find out the weaknesses. I think has long gone. We have demonstration every day that the code can be reverse engineered of obfuscation thing like that fail most often the true the true way we believe to manage security is to understand Where there are Weaknesses and there will always be and to manage around those weaknesses So that's why for instance, we had a work on the security urbanism on open stack Because we do believe that There is no way we're gonna get perfect codes So we need to be able to have very dynamic measurement very dynamic countermeasures Implemented when we do detect Strange behaviors around a piece of workload. Hi I work for a company that develops optimization NFVs and One thing you mentioned a couple of times there was NFV orchestration I think we've struggled to identify really a leader in that area or clear API's Do you think there's a gap here or somebody needs to fill that that gap or define API's so Fenders can develop against that and people like orange can deploy it without having any vendor lock-in Well, we saw few companies having Something which starts to be reasonably demonstrative, right The risk for us and for the industry is that as you say we would fall into a proprietary implementation hence the open NFV forum where we do try and have a Completely neutral definition of which API's and capabilities we should have In such an orchestrator so that not only is the orchestrator editors could come with solutions Which would test against that scheme and also any? Software editor would then be able to Certify that their workload would work against those orchestrators and it is critically important that the concept of Interoperability which is I think in the DNA of operations in in the telcoside would translate in that new world Open NFV for us is a right vehicle Thank you. I'm from Amdox. I have a question. I saw your Presentation you mentioned about carrier grade open stack To which level do you look at carrier grade open stack and another one is what he said before about commercialization of any of your orchestration We see a lot of companies doing that. They're trying to do that We'll orange ever consider to go to a commercial version of NFV because Whatever we see here is apparently not not that good So carrier grade again The purpose is not to have a telco version of the open stack But to enrich open stack to cover as well the telco needs for instance We saw spoff in neutron and that is not acceptable for a telco So we need to make sure that open step keeps evolving and enriching to cover our needs Second well, it's a bit early for NFV orchestrators because every guy who so far developed an NFV Orchestrator developed it because he wanted to sell the workload below Right, so there is very often a tight lock-in between the workload and the orchestration Which is exactly what we don't want And as I said, we need to get still a standard de facto not standardization in But the de facto standard to emerge was a got to APIs and capabilities that we expect from an NFV orchestrator Which also means that probably we need to get from the open NFV initiative the ability to certify that a such an orchestrator complies with what Open NFV will promote as a future standard and Yes, we aim at going for commercial releases because we don't believe that Our added value is to reinvent the wheel But what we will be attentive to is whether we can or not have some few elements of differentiation in that orchestration But very very teeny time Thank you all


Hi, sorry, I was just making some sound waves here with my guitar. You probably know me as Mr. Lyingdell, but I'm also lead singer and guitarist for the hit band Teacher Band. Teacher Band, of course, being the most amazing band you've ever heard of, made up entirely of teachers playing classic rock from the 80s. Sound is a great example of a wave, and we can start looking at some of the definitions and parts of a wave by taking a look at some sound waves. All right, let's take a look at a sweet sound wave coming out of my guitar amp, so we can learn about some of the different parts of a wave. First of all, you can see the wave is kind of broken into these crests and troughs. The crests are the part of the wave that are above the equilibrium line. And equilibrium is just like we had back when you're dealing with mass spring systems, where the wave would sort of start off. Troughs are the area that are below that equilibrium line. And if you're to take a ruler and measure the displacement from equilibrium, either up to a crest or down to a trough, that distance would be called amplitude. That's also a carryover from the simple harmonic motion section of the unit. In order to get one full wave, you need to have a crest and a trough, a full crest and trough together. And that could look like this, or that could look like this.  If you're to take your ruler and measure horizontally the length of one wave, a full crest and trough, which you'd get is wavelength. Wavelength goes by the Greek symbol lambda. It's kind of that funny looking squiggly symbol there. If you took out your stopwatch and you timed how long and seconds it took to make a single wave, one crest and trough, that time would be called the period. And if you counted how many full waves fit into one second of time, that measurement is called frequency. Period and frequency were also in the first part of the unit, and they were related by the formula frequency equals one over period, or period equals one over frequency. All right, it's dusk. I'm at the park. We're going to see if we can catch a few waves out in the wild. I hear they're nocturnal. See if we can get some video. We've all seen the familiar ripple pattern when you throw a pebble into a pond, but if you stop and look really carefully, you can see the crests and troughs, especially when you first look at where the pebble hits the water. You can see the areas of the water that are above and below the surface of the water. As the waves spread outwards from the point source, you start to see repeating patterns of troughs and crests. If you stop the pattern and measure the distance between any two consecutive crests or any two consecutive troughs, then you get wavelength. If you start it going again and you count just how many crests and troughs together pass every second, then you've got frequency. We've looked at sound waves. We've looked at water waves. Now we're going to go take a look at some waves on a spring. On this spring, we can see the coils move up and down as the wave goes. But on this spring, the coils move side to side as the wave moves down the spring. This means there's two categories of waves, the transverse wave, where the particle movement is perpendicular to the direction of propagation. And propagation is just a fancy word for wave movement. And a longitudinal wave. In a longitudinal wave, the particle movement is parallel or in the same direction as the direction of the wave, the direction of propagation. Here's an animation of a transverse wave. You can see the wave looks like it's sort of moving horizontally, but if you take a look at the particles, they're vibrating vertically. So this is a situation where the particle movement and the direction of wave propagation is perpendicular. In this longitudinal wave, the wave still looks like it's moving horizontally, but the particles are also moving horizontally. This is what makes a longitudinal wave when the particle movement and the direction of propagation are parallel. Longitudinal waves don't have crests and troughs. They have areas where the particles are closer together, called compressions, and areas where they're further apart, more spread out, called rarefactions. Oh, and in case you're wondering why we're talking about waves when we're doing a unit on simple harmonic motion, take a look at that particle in the spring. It's acting just like a mass on a spring would. Waves are examples of simple harmonic motion. You can also see transverse waves on a string, like these guitar strings. I hope you've enjoyed this intro to waves. For more information, check out my website, lbindustries.ca.


Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. And 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. 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. 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 and the first is planning and I use positional analysis and I look at how traders and market makers are positioned in the options market to develop a thesis for the day and a thesis regarding expected trading range and volatility 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 and Spot Gamma Hero to confirm my thesis and for entries and exits. And questions and comments are welcome. I will be watching the chat channel options dash Doug and Discord as well as the chat and YouTube. So again, questions and comments are welcome and JEC confirms Discord audio is 100% great. So thanks for the confirmation. All right, today what I wanna go over, the usual items, we'll go over the news, economic data events and then our positional analysis and finally we'll look at some setups. Okay, so first of all the news, again the CPI came out yesterday and then today, let's go here and then today the US retail sales came out and was much better than expected. Both the month over month was better than the previous number and better than forecast. That was the retail sales, the core retail sales month over month also better than the previous and better than forecast. And we'll look and see how the market reacted to that in a minute. So that was today and then tomorrow, the PPI comes out at 8.30 a.m. Eastern time and then Friday is the February options expiration. And we'll look at how traders and market makers positioned on Friday to develop a thesis. If there's a build in negative gamma, for example, in the S&P 500, which doesn't seem likely given the move today, then we would look for a put banner rally. What may be more likely is looking for call gamma unwind in stocks that have really run up this week where traders have been buying calls like Nvidia and Tesla. So we'll go over that more tomorrow. So that's the news, the events for the week. Now let's start with our positional analysis and I'm gonna start with a larger timeframe view. And this is the SPX in a 20 day one hour chart showing that last Thursday SPX broke this uptrend, then reversed higher. And that was around the spy 405 level. And now for the last three days has been trading in a very narrow range between 4,100 and 4,150. So anybody trading non-directional trades in SPX is probably doing pretty well this week. And then this chart is just showing price and the spot gamma levels. And this is updated for today. These are levels that are provided in a thinkorswim script for spot gamma subscribers. And this is showing the key levels for today and we'll go over the levels in a little bit more detail in just a minute. So there's the put wall at 4,000. And then that's also the key gamma strike. Then the volatility trigger in the zero gamma level right under 4,100. And then the call wall at 4,200. This is showing the call wall. I think it may be showing it at 4,150 and that is, I'm looking at the wrong date, that is correct. So the call wall, the put wall increased from yesterday from 3,900 to 4,000 and the call wall decreased from 4,200 to 4,150. And again, we'll look at that in a little bit more detail. So those are the levels that are in play today. And again, SPX trading in a range between 4,100 and 4,150 for the last three days. And that range may continue into the options expiration on Friday. And then I would expect that range to expand one way or another after options expiration. Okay, so that's a long-term chart. Let's take a closer look. Again, just looking at a thinkorswim chart here and then we'll take a look at book map in just a moment. So this is thinkorswim, this is a one minute chart and this is just showing today. So showing the levels that are in play for today and again, SPX trading at a narrow range between 4,100 and 4,150 with a slight bullish uptrend. And here we've got 4,100, the zero gamma and the volatility trigger below and the call wall above at 4,150. And note that SPX is trading above the volatility trigger in a positive gamma environment. And this is bullish but in this positive gamma environment, market makers will be trading against price to hedge their delta exposure and that tends to subdue volatility in a positive gamma environment. All right, let's take a look at book map now. And in YouTube, Hank asked, does that script update automatically? And no, it does not. Unfortunately. So you have to open a new text file every day and copy that and then go in and edit your script and thinkorswim with the latest, I just, I delete everything in that script and then paste in the new script. So you have to do that manually every day. And on the other hand, so book map, spot gamma provides levels for a number of platforms. Thinkorswim is one that I use as well as book map and spot gamma provides cloud notes for book map and those are updated automatically. And this is not showing any levels in play in this current range. Let's just zoom a little bit. So here this is showing again the spot gamma levels and this is showing the SPX4100 level below there and that was noted as support in the spot gamma AM founders note. So it's showing, these cloud notes are showing SPX levels converted to an equivalent ES number. And right now, spot gamma is using a 10 point difference between SPX and ES and that's pretty close. And then I also have my own column of notes here. These C levels, cloud levels, these are my own cloud notes and I'm marking spy key, spy spot gamma levels, key levels as well as ES, big ground numbers, 50s and zeros. And then the support levels that are noted in the spot gamma AM founders note. So this is showing that SPX4100 level as support and then that's also the, this 410 spy 410 key gamma strike was also noted as support in the AM founders note and it did act as support today. And that's showing there were several tests of the 410 level and then finally price reversed higher. So overall a pretty lackluster day in the S&P 500. So again, there were several approaches to today and if you wanted to trade the S&P 500, I think just trading the range with I guess potential neutral strategies like Dave and Discord posted a double calendar SPX0 DTE double calendar that looks like it's doing pretty well today. So that was a good approach for the day instead of trying to find either that or we'll talk about some setups, especially in stocks that are in the new category. Especially in stocks that are in the news like Airbnb today. If that's your style, if you like to chase those stocks that are in play in the news, that was a good trade and again, we'll go over this. So that's the S&P 500 futures and the levels again are shown on the chart, the levels that are in play. And that was the SPX4100 level below and the, let me just zoom in here, and this SPY410 level that was also noted as support. All right, so that's the S&P 500 today and again, we'll go over setups. So shifts and levels, I've already mentioned and we'll go through again. So for the S&P 500 volatility triggers for SPX and SPY both increased from SPX, the volatility trigger moved up from 4060 to 4095 and the volatility trigger is Spot Gamma's Gamma Flip level where market makers position on the Gamma curve would flip from negative below to positive above. So I've already mentioned that SPX is trading above the, it's volatility trigger and that is considered bullish and it's a SPX, market makers position as far as SPX goes is in positive Gamma. So again, SPX and SPY volatility trigger shifted up and for the SPX, the put wall shifted up as well from 3,900 to 4,000 and then the call wall shifted down from 4,200 to 4,150 and we will look at the absolute Gamma levels and see what's going on and how traders are positioning themselves into the February expiration and market makers are positioned as well. And then for QQQ, the key Gamma strike moved up from 300 to 310 and that is, that's bullish when the key Gamma strike increases and we'll look at my key Gamma strike spreadsheet in just a minute and see what that looks like. Okay, let's take a look at the absolute Gamma charts for the S&P 500. So this is the SPX and there is the 4,000 key Gamma strike or absolute Gamma strike and that's the strike with the largest absolute Gamma puts in calls. So this chart, here's the zero line is this is showing market makers position at these different strikes and call Gamma or put call Gamma is or positive Gamma is showing above the zero line. So the black lines are showing call Gamma, positive Gamma and below the zero line, that's put Gamma or negative Gamma and that's shown by the teal bars. So again, there's 4,000 that is the absolute Gamma strike and now it is the put wall as well. So that's the strike with the largest net negative Gamma and that can be expected to act as support and then the call wall has moved down to 4150 here and that's the strike with the largest net positive Gamma and that can be expected to act as resistance. So right now, I think the primary thing to note is the build of both call and put Gamma between 4,000 and 4150. So this range has narrowed down a little bit and there is, you know, there's certainly some call Gamma, positive Gamma at 4,200 as well. So this is the, you know, at least for today, this range has narrowed down. So again, remember the put wall moved up from 3,900 to 4,000 and the call wall moved down from 4,200 to 4,150. So the range of put and call Gamma has narrowed to this range, 4,000 to 4150 and 4,000 can be expected to act as support and 4150 as resistance until something changes. And yeah, those Gamma levels are tight, but it's pretty clear when you look at this chart. Okay, here's spy and the 4,10 is still the key Gamma strike or the absolute Gamma strike. 400 is the put wall and then 4,18 is the call wall. So no changes in these levels for spy. So the range in spy is really a little bit wider 400 being the largest net negative Gamma, the put wall and the Gamma up to the 4,20 level. And by definition 4,18 is the call wall that's the strike with the largest net positive Gamma. So there's the range for spy, a little bit wider than SPX. All right, that's the S&P 500 and those levels that I was talking about before. Now you can see exactly where they come from. The put wall, the call wall and the key Gamma strike for both these SPX and spy. Here's QQQ, let's just zoom in. Now the put wall is down at 290 and that's the strike with the largest net negative Gamma again and 300 is a large Gamma strike but the 310 now is the key Gamma strike. So really for QQQ it looks like Gamma's concentrated mostly between 300 and 310. All right, let's, so I think the thing to note here especially for SPX and spy is the build of call Gamma above, although spot Gamma the AM Founders note took a little bit of a bearish stance today based on the call wall dropping but to me it looks like, let's just go back and look at SPX, there's definitely, to me it looks like there's a build of call Gamma up at 4100 to 4150 and certainly you can see why this 4150 would act as resistance or potential resistance. So build of call Gamma above the key Gamma strikes for both SPX and spy. All right, let's take a look at the data. So a couple things to point out. The, first of all, the spot Gamma one day implied move plus or minus 41 points. And let me just check my watch list and see what, and that is the, that's the SPX from the RTH open. And right now it's gone nowhere. I've got it's down 0.2 points. So, you know that if you sold a straddle for today you would have done pretty well in SPX. All right, so that is the expected range and that, you know so far that's not playing out and one potential reason and that really doesn't line up with some other information like this Gamma notional here. So this is the Gamma notional market makers position on the Gamma curve and this is showing SPX in the left column spy in the middle column and QQQ on the far right. So again this is market makers position on the Gamma curve and for SPX it's positive and that means that as far as SPX goes, market makers, traders are short calls, market makers are long calls and as price increases they have to sell futures to hedge their delta exposure and when price drops they can buy back their short hedges. So in a positive Gamma environment they're trading against price and that tends to subdue volatility in a positive Gamma environment. And then for spy it's negative Gamma. So that means that just looking at spy that traders are long puts, market makers are short puts and they have to sell futures as price drops to hedge their delta exposure and then as price increases they can buy back their short hedges. So that tends to increase volatility in a negative Gamma environment with market makers trading with price and then for QQQ this is pretty much neutral, a minus 12. So all of these levels shifted to more positive or less negative from yesterday and I compare morning to morning. So yesterday morning SPX Gamma notional was 287 so today it increased to 305. Yesterday spy Gamma notional was minus 689 and today it's minus 585 so a little bit less negative and then yesterday Gamma notional for QQQ was minus 141 and today it is minus 12. So again less negative for QQQ as well. All right let's take a look at the Vana charts which provide a graphical illustration of what I was just talking about. So what this is showing is market makers delta notional or delta exposure that's the vertical axis and then the horizontal axis is showing how that delta notional changes with changes in price and changes in implied volatility that's shown by the green curve that's the current expiration and that change in delta with a change in implied volatility is called Vana that's the Vana effect and again that's the change in delta as implied volatility changes and what this is showing is that as price increases market makers delta notional increases and they have to sell futures they wanna remain delta neutral so they have to sell futures to hedge their delta exposure. So that's SPX remember that was positive Gamma then for spy negative Gamma so it's just the opposite again as price decreases market makers delta notional increases and they have to sell futures. But this is I take this SPX and spy as mostly fairly neutral and then here's QQQ you know this is definitely showing neutral and market makers given the range of movement shown on this chart are not really gonna have much hedging to do one way or another according to this chart and this is based on the beginning of the day market makers position assuming their delta neutral at the beginning of the day. All right so remember I'm going through my planning process here and next thing that I wanna look at this is a spreadsheet that I track every day of the key Gamma strike and this is just one part of my process just an easy visual representation tracking whether the key Gamma strike for these stocks increased or decreased from the previous day. So this previous key Gamma strike column on the right showing is showing the Gamma key Gamma strike for yesterday and the current key Gamma strike column is for today and then I colored code these and green indicates that these levels all increase from the previous day and red increase that the key Gamma strike decrease from the previous day. So just looking at this on the surface this looks this looks fairly bullish a lot of these and I trade and track mostly large cap tech stocks with a few higher beta stocks thrown in. So Microsoft, Moderna, Netflix, NVIDIA, QQQ, Snowflake, AMD up above and block key Gamma strike all increase for these stocks. So that's bullish. So again, I'm doing all this my planning process to develop a thesis for the day and I'm mainly focused on the S&P 500 and here's a note just a snippet of a note that was in the Spot Gamma AM founders note. For today, we would give an edge to the market holding the 4100 to 4160 range and that's SPX and so far they were right on target with that and that is what I was expecting today given the somewhat neutral Gamma notional and what the options expiration approaching what the SPX has been doing the last couple days. So so far this is right and looking at the key Gamma strike list and the increasing key Gamma strike for a number of stocks you know, I had a slight bullish you know, I guess slight bullish bias and expecting this range to hold. So looking for I guess range day type trades. All right, so let's take a look at some setups now. So I'm gonna start with hero here and this is Spot Gamma hero showing real time options trades and market maker hedging flow and what this is showing, I'm gonna zoom in on the morning and hero was showing I guess slightly supportive hedging flow for longs this morning and here were remember this key Gamma strike was noted as support the 410, this is spy 410 key Gamma strike. So a couple of longs here at that 410 level with a slightly supportive hedging flow. All right, so let's go take a look at book map now. So here's ES and we'll look at spy and there's the test of the support level then 410 key Gamma strike list and slightly, you know, I guess a slightly positive cumulative volume Delta as well as buy stop orders that's shown by the rising dark blue line that CVD and the rising yellow line that's buy stops but kind of a choppy bullish trend higher and this, let's go back and take a look at hero again. So the hedging flow was slightly bullish up until about 11 o'clock and then has definitely shifted to negative Delta starting again around 11 o'clock and let's see what, so traders are buying puts today so they're buying calls and you can tell by the rising orange line and the positive notional value here and then the negative notional value they're buying puts and that is a larger number than this number and the line is steeper as well. So yesterday this had the effect of setting up a short but today not so much, not so far anyway. All right, so that is that spy and let's take a, let's go back to book map now let's take a look at spy. So spy continues higher even though order flow shown by cumulative volume Delta here is bearish and hedging flow is bearish as well. So maybe this 413 C1 level will act as resistance and I kind of hope it does. My long-term positions are negative Delta at this point. So yeah, I'd like to see it go down but again, remember the expected top end of the range is up here, let's see that would be so we're actually looking for 415. So here these levels up here are potential upper end of the range. That's the SPX 4150 level and then the spy 415 level. Okay, so a little bit difficult trade in spy today some short longs that were supported by hedging flow not supported by order flow so much. Again, notice the falling CVD. So again, it looks like JEC with his strangle today and Dave with his double calendar had the right approach I think to trading SPX. Okay, let's take a look at some stocks now and we'll go back and start. I'm just going to go through this list. This is Apple and there was a, this is definitely bearish hedging flow and it took a while to play out and I would have a hard time taking along in Apple. So there was a short around just before noon so let's take a look. So again, remember we were looking for short and around 1150 to 12. So let's go take a look at book map now. There's Apple, you know, along would have been a better trade but definitely not supported by hedging flow. So there's the short 1150 to 12 with that. There's a buy sweep. All these green dots kind of be, you know, like a stop run potentially up into this level and then a move lower. So good for a point, point and a half. So not much to write home about there in Apple and that's pretty much the story for today. So here's Amazon and let's take a look at Hero. So there's Apple and with Amazon there's a little bit better confirmation between hedging flow and price action and along about 1050. So let's go back and take a look at, let's go back and take a look at book map. So there's Amazon, a lot of chop around the 99 level and then price starts to move higher as traders started taking positive delta positions. So right around here with a target at the 100 key gamma strike, so price at that level, drop down found some resistance there and now it's moving higher again and it looks like order flow has definitely shifted to bullish. Notice the green dots coming in. Let's just take a look at CVD. We should see the increase. The move up and see CVD corresponding with the green dots coming in there. All right, that's Amazon and let's go back. Let's take a look at Hero, take a look at Coinbase and there's a strong confirmation here between hedging flow and price action and that's on my other computer if I have time at the end all. I'll go take a look at that. There is another good setup that I wanna look at as well and that's and we'll look at that in a minute. So the next Microsoft and confirmation long and short based on hedging flow is shown by Hero. Let's take a look at book map. So there's the short of the morning and consolidation between around the 26650 level and the 268 level and then this final sweep down into the liquidity at 26650 and then price starts to move higher and confirmed by hedging flow. Let's just make these dots a little bigger. Let's check CVD and it's actually been bullish all day. So definitely confirming long here and you can see all of the green dots coming in here and it looks like price is heading for the 270. That's the key delta strike and also the liquidity at that level. Let's go back and take a look at Hero. So traders started buying puts or selling puts, I'm sorry, buying calls and selling puts and especially buying calls and that's shown by the rising orange line just afternoon. All right, so that's Microsoft and we'll take a look at NVIDIA. Confirmation long and short, pretty choppy hedging flow and so really watching this closely confirming longs and shorts if you like to trade NVIDIA. So that's NVIDIA. Again, hedging flow confirming longs and shorts. Let's take a look at book map and in the morning you can see all the pink dots. This was definitely confirming a short. Seeing all that just a great short and then notice the shift in order flow. I'll write it between the 221 and 222 level. The shift in pink dots to green dots. Price moves higher, pulls back to the 223 level and continued higher to this liquidity at the 227 level and NVIDIA has been pretty bullish all week. So this is a stock that we will be looking at for a call gamma unwind, potential call gamma unwind on Friday. Traders have been buying calls, market makers sell the calls and they buy stock to hedge their delta exposure and these calls they're buying are calls that expire on Friday. So as Friday expiration approaches, those calls will start to, the out-of-money calls will start to lose value due to the passage of time and that's charm and then we can watch implied volatility as well and that often drops as well. So that would be the VANA effect but we're kind of looking for the charm effect there. So those calls lose value, market makers delta exposure decreases and they can sell stock. They don't no longer need their long stock to hedge their delta exposure since their delta is dropping. But for today so far after around 10 a.m., order flows shifted somewhat bullish, hedging flow bullish and NVIDIA is moving higher and we've looked at spy. Let's see what spy is doing. So heading up now, it looks like it got past the 413C1 level. That's a combo one. So that's a high amount of SPX and spy gamma at that level heading up to the 4150, SPX 4150 level and let's see what options traders are doing in spy and they're still fading this move. Let's just take a look at a, we'll change to this rolling window to 30 minutes and that gives us a little bit more clarity but still pretty choppy. Positive delta trades, negative delta and then shifted back slightly to positive delta there. Meanwhile price continues to rise. So I think a pretty difficult read on the S&P 500 today and again I think the neutral strategies, time selling premium should again working well today in the S&P 500. All right, karma trades ask, how do I draw the key delta strike, key gamma strike for stocks? And the way I do that I use an add-on that's available in the book map marketplace called price lines. And those levels I get from spot gamma every day in equity hub. So this is where those levels come from. So for example, here's spy, that's where those levels come from. I enter those in a spreadsheet and then price lines uses the cloud notes feature of spot gamma to display the labels, let's go look at spy. So spot gamma or price lines displays these labels and then draws the lines. And I have asked, and this is time consuming for all these stocks just to fill out this spreadsheet every day, but it's better than drawing these manually in custom notes. So anyway, this is what I do now and I have different colors for different, you know, these mean different things. So a spot gamma level is shown with a white line, a white background and red text and yellow with black text is just a round number. And then there's again a spot gamma level at 413. And then I'm also adding in, and I just recently started doing this, adding in the SPX levels. So I convert or find the ratio of SPX to spy and I calculate that every couple of days and then I show the equivalent, I show the SPX levels in my chart as well. Okay, I'm looking at questions and comments and discord and karma trades are you asked, are you using both levels on a daily basis? So I use all the levels. So let's, let me just show something here. So this spot gamma provides these pop-up notes for SPX, spy and QQQ and I've already, I've dismissed or closed the spy and QQQ levels, but this is for SPX showing the SPX level, the equivalent ES level. And their cloud notes are based on this, but I use this for spy to draw all these levels. So the equity hub shows the five main levels that's the put wall, call wall, key gamma strike, hedge wall or volatility trigger for spy and QQQ and the key delta strike. So those are the primary levels and then these notes for spy also include these intermediate levels like this 413 C1 level. That's not one of the five main levels. So anyway, that's how I do that. So looking through notes and again, I have asked, I've asked spot gamma to provide these levels for stocks. And I don't know if they're planning on doing that or not, but that's one of the, one of my request to spot gamma. All right, let's take a look at Tesla and let's go to hero and look at Tesla, Tesla. There's Tesla in overall pretty bearish hedging flow, setting up some shorts in the morning. And that was definitely confirmed by order flow and book map. Let's go take a look at book map, trying to do several things at once here. So Tesla overall today is bullish up on the day, but hedging flow and order flow, notice the all the pink dots in here. Definitely order flow is bearish. You know, we just saw that hedging flow was bearish. So setting up some short entries here. Let me just check on something here. So right now, Tesla is up about 1.5% for the day. Even with the bearish hedging flow and order flow. All right, then let's, I've got a few minutes left. I wanna show a couple of stocks on my other computer. So one way, another way to approach this, this spot gamma hero dashboard here provides a list of trending stocks, both up and down. And notice this, this Roblox has been in the news. I think they reported earnings, the same for Airbnb. And notice the strong hedging flow, all bullish, traders buying calls and selling puts. And I've got this on another computer. Let me, I'm gonna share my screen on the other computer and we can look at Airbnb in book map. So here's Airbnb in book map. Strong uptrend, notice all the, all the buy sweeps this morning, these small green dots, not a lot of liquidity there and a jump straight up from 130 at the open to 135, 136. And then more of a steady uptrend after 10 up now to 138, let's go back to hero. And again, notice the strong hedging flow supporting that uptrend. So traders were buying calls, selling puts and market makers were selling calls and buying stock to hedge their delta exposure. Okay, karma trades, you're welcome. And Dave says, you're not getting, getting ready to trade using this method is a two hour process for me. It's not quite that long for me. I think it probably takes me about an hour to go through, read the AM founder's note, note all the key levels and I just jot that down in a trading notebook, paper and pen. And then I fill out my spreadsheets and there's a question, what drawing tool do I use on the screen and that is Epic Pen. And I assume you're referring to that and that's Epic, Epic Pen. And that's just for drawing on the screen. It's not, it's not a permanent mark like you can make with like in book map with the drawing tools. And JEC says he uses Zoomet. I'm not familiar with that. Epic Pen is okay. Maybe worth taking a look at Zoomet. So I would like actually like a tool that does highlight. So anyway, that is, that's all I have for today. So again, I talked about the S&P 500, what was working today. The thesis was for a trading range, somewhat bullish and most of the stocks that I follow were pretty similar to the S&P 500. So not a lot to see there. And again, another approach was to look for stocks like this, like you look for Roblox. Oh, that's pretty choppy. Coinbase, strong uptrend, and again, Airbnb. Okay, so that's all I have. And again, remember tomorrow, PPI at 8.30 a.m. Eastern time and then options expiration on Friday and we may get some good setups based on Friday, based on how market makers are positioned, their gamma position for both the S&P 500 and for stocks. So thanks again, thanks for watching. Thanks for your questions and comments. And I will see you tomorrow. Thanks, bye.