Hello everyone welcome to options with dog Streaming on Monday Wednesday and Friday at 120 P or every one welcome to options with Doug Streaming on Monday Wednesday and Friday at 130يت Sorry about that. I had YouTube open on my make computer All right, so again, welcome to Options with Doug, streaming live Monday, Wednesday, and Friday at 1.30 p.m. Eastern time on Bookmap Discord and the Bookmap YouTube channel. 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. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an options-doug-chat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a minute. I'm also on X, formerly known as Twitter. My name there is at Doug P. Here are the key tenants. Katina says, don't see the stream. Let me check. So it looks like it is streaming on Discord and on YouTube. Does anyone else have a problem? According to what I see, it is streaming on Discord and YouTube. All right, so here are the key tenants to my approach for trading. This is the basis of my approach to trading. I believe that options trades and market maker hedging activity are key drivers of price in many stocks and futures, and certainly in the equity index futures, the SB500 and NASDAQ, and also in the large cap tech stocks that I follow in trade. And for the SB500, SPX is the underlying index, SPY is the ETF version of that index, and ES, the ES futures, E-minis, that's a derivative of SPX. And when traders buy and sell puts and calls and SPX and SPY, market makers take the opposite side of those trades and they will hedge their delta exposure with ES futures. So this is why I go to such care to mark the SPX and SPY levels on my ES chart. And for the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of that index, and NQ is a derivative of NDX. And again, when traders buy and sell puts and calls and NDX and QQQ, market makers take the opposite side of those trades and they will hedge their delta exposure with NQ futures. The focus of my presentation today is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging activity on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step in my process is execution. I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups. And when I talk about setups today, I will be focusing on an underlying asset. For example, setups in the SB 500 can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options dash, Doug, chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post. I'll do my best to answer your questions. All right, Katinka, great. It looks like you worked out your problem with a stream of discord. And hello, Steven, welcome. Glad you're here. And hello, welcome. Everyone else glad you're here as well. All right, here's my agenda for today. Wednesday, April 17th. First of all, I want to go over news items, economic data and events for today as well as the rest of the week. Then I'll go through my positional analysis for today. Then I'll review some setups from earlier today. Then I'll take a look at the live market and I also want to go take a look at a little bit deeper dive into my process for equities. And I have an example from yesterday that I'll talk about and then see how we can apply that today to the market today. All right, so news items today, just a note that today was VIX expiration and that happened at the cash open. And then Friday is the monthly options expiration and we'll talk more about that tomorrow. All right, let's move on to positional analysis now. Let's start with the SB 500. This is the ES Futures and Book Map. Nice steady downtrend today. There are a lot of levels on this chart. So before I take a closer look at this chart, I do want to take a look at a higher timeframe. I'm going to go to the SPX. This is a one day chart and thinkorswim. This is the rally that I pointed out every day. Began last year, October 30th and rallied up to the end of March. And that was good for about 1,150 points. And then on April 1st, this correction began. All right, so that's a one day chart. The trend that began in October, last October, looks like it is at an end down. All right, let's take a look. That's a one day chart. Let's take a look at a one hour chart. This is a 30 day one hour chart. There's that green trend line. Then April 1st, SPX began to make a series of lower highs, lower lows, and then that accelerated last Thursday. All right, let's take a look at the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market, the closing price for SPX last Friday. Note SPX. This level did hold as support yesterday. And now SPX is trading down through that level, down to the lower daily expected move. This is also based on the options market. That's based on the closing price from yesterday. I do post those levels in the options-dash-dog-chat channel and Discord every evening the day before. So these levels were posted yesterday evening. And the weekly expected move that remains in place for the entire week and then the daily expected move. Again, that changes once a day. The other levels on this chart are spot gamma levels. These are proprietary spot gamma levels. They're provided to, oops, I don't wanna show that. They're provided to spot gamma subscribers. They're available on a variety of trading platforms. This is thinkorswim. I'm gonna point out the key daily levels. First of all, 5,000. This is certainly the next obvious target. That is the absolute gamma strike. That's a strike where the largest absolute, positive and negative gamma. That's where most of the gamma weighted open interest is concentrated. That's also the put wall. That's a strike where the largest negative gamma and that can be expected to act as support. And that is, again, is the next target in line. All right, and above that is the volatility trigger. That's at 5125. That is spot gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hash their delta exposure. That tends to enhance or increase volatility. And note that SBX is trading well below that level, firmly in negative gamma territory. More about that in just a minute. Above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hash their delta exposure. That tends to subdue or decrease volatility. And note the volatility trigger did move slightly higher from yesterday, from 5100 up to 5125 today. And then finally, the call wall remains at 5300. That's a strike with the largest net positive gamma that can be expected to act as resistance. So call wall potential ceiling for price at 5300, certainly not in play now. And the put wall at 5,000 potential floor for price. And certainly in play. And I would not be surprised at all of that level was reached sometime this week. All right, let's wrap up our view of SBX. Let's go to a one minute chart. And this is three days worth of data. Regular trading hours in the dark shaded areas. So this is Monday, gap up, big move down. Yesterday consolidation making it up to this resistance level right around 5,080. This is today. So consolidation today, yesterday, I'm sorry. So big move down on Monday, consolidation, finding resistance right around that 5,080 level. Then another gap up today. And they're just a very steady mechanical downtrend all the way down to the lower day they expected move. Within a couple of points of that. Lower day they expected move, 5,009. And it looks like the low is at 5,007. So far today that level acting as support. So again, big move down on Monday, consolidation yesterday. And we'll see the resistance level was just a little bit lower than that 5,080 level today. So again, move down, consolidation, move down again, down to the lower day they expected move with that 5,080 and just below that acting as resistance. That was actually 5,077. All right, let's take a look at book map now. So in book map, I have my own cloud notes. So I can show, excuse me, so I can show SPX levels. Here's the 5,050 that was noted as support in the Smart Gamma M Founders Note. You really can't see it here. It's obstructed by this SPI level, but this is the 5,077 level. You can see there are two lines here. That 5,077 level was noted as resistance in the Smart Gamma M Founders Note and acted as resistance just after the cash open. So again, I have SPX levels on this chart, SPI levels, and also key ES levels. There's 5,050 and just above that the lower day they expected move for ES. I do calculate that a little bit differently, separately from the expected move for SPX. And note there is a difference in price between SPX and ES. That offset today is right around, let me check that. Similar between 40 and 41 points. So I'm using 40 today. So I'm showing the SPX 5,050 at ES 5,090. And I also post those index relationships that I'm using every day in Discord. All right, so big move today, very steady mechanical downtrend. SPX finding support at the lower day they expected move and pretty much the same for ES, maybe a little bit below, also the SPI 499 level there. Looks like price reversed just above that. Let's scroll up just a bit here and we'll see this SPX 5,000 level. Again, that's the key level. If price continues lower, that's definitely the target. Absolute demonstrate can put wall. All right, let's move on, take a look at NASDAQ. Very similar mechanical downtrend. Before I take a closer look at this chart, I do wanna take a look at the underlying index charts. We'll go to QQQ. Uptrend began overnight, that's in the light shaded area. And then the downtrend, again a very steady mechanical downtrend, began QQQ found resistance at the 433 level. That's just a round number, that's not a spot gamma level. And moved all the way down to the QQQ 425 put wall. That level was slightly breached. And the SPI put wall was breached a little bit more significantly. All right, I forgot to mention for the SB 500, the SPI volatility trigger did move one point lower. So very minor shifts in levels for the SP 500. All right, so here's the 433 level. You can't see it there, that's this yellow line that's blocked out by the NQ17950 level. And then here's the 425 put wall acting as support, pretty close there. All right, so again I have my own cloud notes. So I can show NDX levels and QQQ levels on this chart. All right, so those are the 433, the top 425 put wall. So far the low of the day. Let's take a quick look at NDX. Similar pattern to SPX. Monday big move down, consolidation yesterday. And NDX trading down below the put wall, 17,500 down to this 466 level and that as a combo two level, combining NDX and QQQ gamma weighted open interest into one level. And there are those two levels shown there on my NQ chart. All right, let's wrap up positional analysis by taking a look at gamma notional and we'll take a look at the Vano model. Gamma notional, quite negative. This is market makers position on the gamma curve at the beginning of the day. For the SB500 and NASDAQ, note all these numbers are negative, very negative. And for the SB500, these numbers did shift lower so they became more negative than yesterday and shifted slightly higher for the NASDAQ for NDX and QQQ, but still firmly negative for QQQ. All right, let's take a look at, take a look at the Vano model for SPX. So I like to take a look at this in a very negative gamma environment. What this chart is showing is market makers delta notional on the vertical axis, spot price for SPX on the horizontal axis. There are two curves on this chart. Like Greg Herve shows how market makers delta notional may change with changes in price only and the purple curve adds implied volatility to the equation. That shows how market makers delta notional by change with changes in price and implied volatility and that change in delta notional with the change, that change in delta notional with the change in implied volatility is the Vano effect, Vano's second order degree. So what this is showing is as price drops, implied volatility increases, there's gonna be some additional increase in delta notional due to the increase in implied volatility. All right, let's take a look at prices. Let's go back to our SPX chart. So we know the low of the day was right around 5,007. High of the day, 77. So let's find those. So 77 right around here. So as price has dropped, market makers delta notional has increased. So price drops, their delta notional increases, they wanna remain delta neutral. So they have to sell futures to hedge their delta exposure. For the case of the SME5, they were selling ES futures. So in a negative game environment, I'm always looking for a wider trending range, more trend days as market makers trade in the direction of price. All right, Mr. Cage asks, what is that 1123 number mean? Mr. Cage, if you could please clarify, I'm not sure what number you're referring to. All right, so that's the Vano model. This works both ways. So if price starts to increase, implied volatility drops, market makers can buy back their short futures. So again, they're trading in the direction of price. All right, market makers trading with price on the way down, selling ES futures is their delta notional is increasing. Now as price is increasing, price is decreasing. Now as price is increasing, let's check VIX as a proxy for implied volatility. VIX is falling, price increasing. Market makers can buy back their short futures. All right, let's move on to some setups now. So my thesis today, just based on the shifts in that was was neutral based on the gamma notional, I was definitely looking for higher volatility today, trend day, either up or down. And as it turned out, initially a varied bearish move down from the, actually from the open and for certain stocks before the open. All right, so let's take a look at some setups now. And I'm gonna start with the ES, SB 500. And I'm gonna take a look and see what options traders have been doing today. So this chart is the hero signal, HIRO, hedging impact real time options. It's available from Spot Gamma, available to Spot Gamma subscribers. And again, this is the hero signal. What this is, everything that we've looked at so far, other than the book map is based on static data. Those levels on my charts, that's based on static data Spot Gamma takes, open interest applies their algorithms to come up with the levels. I tracked those levels change from day to day. Now let's move on to execution looking at real time data. So this is the hero signal. Again, hedging impact real time options. What this chart is showing is options trades and market maker hedging activity for a combined signal for SPX, SPI, XSP and ES futures. So these are all of the instruments. There are options trades and market maker hedging activity on all these. Whenever traders buy and sell puts and calls in these instruments, market makers hedge their delta exposure with ES futures. There are two lines on this chart. The white line is price for SPX and the purple line is the hero signal. A falling hero signal indicates traders are taking negative delta positions. They're buying puts and or selling calls. A rising hero signal indicates traders are taking positive delta positions. They're buying calls and or selling puts. All right, let's zoom in on this chart. Very clear signals both ways today. Hero signal drops. Definitely a good indication for short. Hero signal consolidates. Then price, then starts to move higher right around 12.45 and now price is responding higher. So let's focus on the morning here. Let's zoom in a bit. So the hero signal was moving lower from the open. And it was, if you, let's zoom in a little bit more, make this a little bit more realistic. So looking at it in the morning, it was making slightly lower highs. Then the sharp drop off right around 9.56. So let's go look at that point in time in book map. Gonna zoom in a bit so I have it marked. So we'll take a look at the information here in book map to confirm that short. So we know that traders start, we're taking negative delta positions from the open that accelerated right around 9.56. The volume dots in book map are showing market buy minus sell. Green volume dots indicate there are more buyers than sellers. And magenta dots indicate more sellers than buyers. So that's that signal right around 9.56 right there. Aggressive sellers starting to come in. ES makes a lower high and then continues to move lower. So ES found resistance. Again, it's not, you can't see it, but that's the 5077 level noted as resistance in the spot game AM founders note. ES finds resistance there, makes a lower high. Aggressive sellers start to come in and price moves lower. And as price moves lower, this dark blue line that's cumulative volume delta that's slowly falling. Also the yellow line showing stop orders falling yellow line indicate sell stop orders or helping to fuel them lower. That's also shown by the on-chart indicator sell stop orders, fueling the move lower all the way down to the, eventually down to the lower day they expect to move. Also down to this 5,016 level that's a combo two level also noted as support in the spot game AM founders note. Let's dial up the heat map. Also in book map here, the heat map is showing a history of the limit orders in the order book. Those are limit buy orders initially acting as support. Then finally they were consumed. It looks like some of those might have been pulled. And then price finally reverses higher right around 1245. ES trader started taking positive delta options positions. All right, let's take a look at NASDAQ. Very similar story. There's that 433 level. I do this a little trend line here. NQ making a series of lower highs. Let's go take a look at hero again. I'm gonna move to this mag seven signal. Let me zoom out show you what this is. There is a, there is a hero signal for NASDAQ that combines NQ and NDX. This is what I like to look at it. Almost always provides a more reliable signal. So what this is, this is another combined signal. Showing options trades and market maker hedging activity for the stocks known as the Magnificent Seven. Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. Let's zoom in on this chart. So just like the SME 500 hero signal, this was bearish from the open. Very clear signal. Traders were taking negative delta positions in these mag seven stocks that make up a very large component of the NASDAQ 100. All right, let's separate outputs and calls real quick. So we can see that they are selling calls that's shown by the falling orange line. Also buying puts that's shown by the falling blue line. Sorry about that. That auto zoom happens when you change from put call to total and back and forth. All right, so we know traders are taking negative delta positions in the mag seven stocks and it looks like they finally reversed right around 1245. This is shown in terms of price for QQQ. So QQQ starting to move higher. Let's go back to NASDAQ. So NASDAQ, again, very similar to the SB 500, very steady mechanical downtrend, making a series of lower highs and finally finding support at the QQQ 425 put wall. All right, let's take a look at some stocks now. Any questions so far? All right, so great shorts in the SB 500 and NASDAQ. Let's take a look at some stocks. So before I do that, I do wanna take a look at a process, an options-based process for preparing and trading stocks. So again, this is options-based. This is for coin yesterday. I did post this setup in coin in Discord and also on X yesterday. Let me show you the entire process. So first of all, again, this is from yesterday. This is the equity hub history and I'll show an example of this from today, from Tesla for today. So I wanna go through the process and then show how you can apply that to Tesla today. All right, so what this is showing, again, this is for coin from yesterday. These are the key daily levels. This is from yesterday. Red numbers indicate that the level dropped from the previous day. So what this is showing is the key gamma strike in red that move lower. The hedge wall that's similar to the volatility trigger also move lower. The call wall move lower and the put wall move lower. For those four key daily levels, all move lower. That is very, very bearish. So this was available before the open, before trading yesterday. All right, so that would my thesis for the day, for coin yesterday was very bearish based on the shifts in all those key daily levels, the shifts lower. All right, let's take a look now at some other information. This is available in the Spot Gamma Equity Hub. All right, so the next thing I like to take a look at is this put call impact chart. So this is similar to the absolute gamma that I take a look at occasionally for the SB 500. This is showing buy strike call gamma and put gamma in blue. So call gamma in orange and put gamma in blue. And note for a stock, a single stock that Spot Gamma assumes that traders are long calls and or long puts. So market makers position on the gamma curve is always negative for stock. All right, let's take a look at these lines here showing the rate of change of gamma. The blue line is showing the rate of change of put gamma. Orange line showing the rate of change of call gamma. And I'm looking at this range of price where these lines are the steepest. And I know in this range of price, let's say from around 190 to 250 or so, 265, that the rate of change of gamma is gonna be very high. So I'm looking for a lot of movement in that area just like large gamma notional negative for the index SB 500. All right, so I'm looking for basically a high rate of change of gamma. So a lot of price movement in that range. All right, let's take a look now at and I'm gonna wrap up this from yesterday. So this is the hero signal for a coin from yesterday. So it took a while for this to work out. So first of all, the hero signal was moving slightly lower. Here's the 220 put wall key gamma strike. So I know the hero signal was moving lower. This flow alert comes in just right before 940 somewhere between 939 and 940. And then price moves higher, finds resistance at that 220 level. Again, the put wall key gamma strike and moves sharply lower as traders were taking negative delta positions. All right, so finally let's take a look at the setup from yesterday. Going through this process from planning to execution. And then here's the setup that I posted in Discord and on X. And coin was making a series of lower highs and finally finds resistance for the final time right here at that 220 level. Also that's VWAP, that light blue line right at the 220 level and moves down to these liquidity targets below. All right, so that is the entire process of the setup that I did post yesterday. All right, let's take a look and see how that we can apply that today and we'll apply that to Tesla. All right, let's take a look at, this is equity hub for today. So this is Tesla for today. Let's take a look at these levels. So the key gamma strike did move lower from yesterday. Hedge wall moved higher. The call wall moved lower and the put wall moved lower. So three out of these key data levels did move lower. All right, so based on that, my thesis for the day for Tesla was negative. All right, let's see what options traders were doing this morning. Oops, let's go to Tesla, zoom in a bit. All right, Tesla from the open, traders were taking negative delta positions. That's all by the falling purple line. Floor comes in right around 935, indicating significant options activity and Tesla moves lower. Looks like the hero signal now, starting right around 1015 started to move higher and traders have been taking positive delta positions, Tesla moving higher. Let's focus on the short setup. So note from the, before the cash open, this is the cash open right here. This is the opening print, oops, opening print. So Tesla's already making series of lower highs, staying below VWAP, shown by the light blue line. All right, let's zoom in on this. So we know that three of the four key data levels move lower from the previous day. Tesla was making a series of lower highs below VWAP before the cash open. Now let's zoom in and then we know from the cash open that traders were taking negative delta positions. So that move lower, accelerates. Tesla makes a series of lower highs, not quite even to VWAP. Down to 154, that's right around 1015. Again, remember, traders started taking positive delta positions around 1015 and Tesla began to move higher. All right, so that's going through that planning process, looking at how the key daily level shifted lower and then watching from the open, traders were taking negative delta positions before the open. Tesla was making a series of lower highs below VWAP and that move down just accelerated after the open and continued until traders stopped taking negative delta positions and started taking positive delta positions. All right, so that's an options-based and probably so price-based analysis of Tesla. Looks like back, Tesla traded above the opening print. So nice long starting right around 1015. All right, the next stock that I wanna take a look at is coin and note the stocks that I'm looking at today, Tesla, coin and NVIDIA all definitely in play on a regular basis. That's why I like to take a look at these stocks. So the next is coin. One thing I wanna point out here is this magenta line, this magenta line right here. So what this is, is the correlation tracker. This is an add-on, a book map add-on and I've added this Bitcoin futures here. So that's what I had available. There are a variety of forms of Bitcoin. There's the, and you can show a variety of these forms of Bitcoin in book map. You can show the spot, Bitcoin. And this is what I had that was easily available to me. This is the Bitcoin futures. It is a CME future, trades on the CME exchange just like ES and NQ. So you can use spot Bitcoin. I'm using Bitcoin futures or one of the ETFs that tracks Bitcoin depending on what you had available. This is what was easily available. All right, so I'm using just this default left edge of the chart. You can also have it reset at a variety of intervals. So that's what I'm using. So that is this magenta line right here and you can see there's a very strong correlation between Bitcoin and Coinbase. All right, so for those of you who may not be familiar, Coin is the Coinbase exchange. All right, let's take a look. I wanna first of all take a look at a quick long scalp in the morning. Give me just a moment to adjust this chart. Zoom in on this just a little bit. All right, so remember yesterday, that 220 level, the key gamma strike and put wall did act as resistance. Today, it looked like it was acting as support. So just looking at this chart, first of all, the Bitcoin, Bitcoin futures were rising. That's shown by that rising magenta line. So Coinbase responding, moving higher, cumulative volume delta shown on the sub chart, also rising, quick move up. And this time Coinbase finds support at that 220 level and the put wall also VWAP makes a quick move up to 225. And we'll take a look at HERO and see what happened there. All right, so let's go take a look at HERO for Coin. I'm gonna zoom in, so we look at the morning. So confirming that long in the morning, the HERO signal was rising, showing traders were taking positive delta positions. Note this flow alert that comes in right at 947 as Coin moved up to that 225 level. We'll take a look at that again in just a minute. So Coinbase moves up to 525, that flow alert comes in, that's often a mean reverting signal, indicating a shift from positive to negative or vice versa. So in this case, delta notional. So in this case, definitely acting as a mean reverting signal. So down here, if the flow alert came in, I would be looking and seeing this HERO signal rising, I would be looking for a long. If that HERO signal came in just after the cash open, but it came in after this move higher and in this case acted as a mean reverting signal, shortly just a moment, about a minute later the HERO signal shifts sharply lower and Coinbase moves lower. So a good long scalp in the morning and then the HERO signal again gives you an alert right at 947 to look for a short. Let's go back to book map. HERO signal comes in, we can see the liquidity in the heat map and book map. Those are limit sell orders and buyers are exhausted before reaching that level. Aggressive sellers shown by the magenta volume dots start to come in, price makes a sharp reversal as traders are taking negative delta positions and Coinbase reverses lower. So good for about a four or five point move higher for a long and then price moves lower. All right, let's zoom back out. Hello, Kitinga. Kitinga asked, when you manage your trade, do you exit when the flow comes in or you wait for price action confirmation? The way I manage my trades, I use a bracket order. So I have a stop order and take profit orders all already in place. I move those around. So in this case, this 225 level was an obvious target for that move from 220 to 225. That liquidity of that level, let me tone down the volume dots. Yeah, so again, my take profit orders are based on levels that I see in book map. All right, so it looks like that answered your question. You're welcome. All right, so that's a coin, another stock that's pretty consistent Another stock that's pretty consistently in play is Nvidia, great short this morning, a few buyers right at the open, quickly exhausted, see the green volume dots, aggressive sellers starting to come in, price remains below VWAP, cumulative volume Delta continues to fall. Let's see what options traders have been doing. Let's go to Nvidia. Traders continue to take negative Delta positions all day in the video, flow alert. Looks like that came in somewhere around 940 indicating significant options activity. In this case, confirming the move lower. Let's see what traders are doing. Note the very strong similarity between the Mag7 signal and Nvidia. The only case is the hero signal for Nvidia really continues to move lower. So the orange line showing that traders are selling calls. 850 is the put wall. Nvidia did move lower, maybe finding supported around the 850 put wall now. So they are selling calls. This is a very large number for a stock, minus 1.33 billion, notional value. They are selling calls aggressively in numbers and they're also buying puts. Call sellers much more aggressive but basically the blue line, orange line moving in the same direction. Let's go back to book map. 850 put wall. Now Nvidia finding support at that level. Let's go back to hero. Let's go back to the total signal. Total signal sum consolidation. Now it looks like maybe moving lower again. Total notion of value minus 1.5 billion. All right, does anyone have any stocks they want me to take a look at? Let me know and I'll be glad to take a look at any stocks you want to. Let's do a quick scan here. Check for alerts. Here's a Google flow alert, indicating the shift in flow for Google, right around 115. Let's go take a look at Google. Trend break of that downtrend. Traders start taking positive delta positions. Google trying to move higher. Let's go back to hero. Let's do a quick scan through here. Apple bearish. Flow alert comes in just like coin as the hero signal reverses lower. Hello Kenobi wants to take a look at ACN. All right, I don't have that in a book map. We can see if it is in Asana here in book map. Very thin options market. Not really having much of an impact on price. Remember that number for NVIDIA was minus 1.5 billion. This is minus 110K. So options market not having much of an impact here on Asana. All right, let's continue to scan through. AMD continues to move lower. Hey, you're welcome Kenobi. Amazon, very strong correlation today between options trades, market maker hedging activity. Take a look at Meta, that's usually a mover. Zoom in on this. Looks like resistance. Right around the 500 key gamma strike hedge wall. Flow alert comes in. And Kenobi asks, would you say Spot Gamma is best used with stocks that have high option volume? Yes, definitely. Spot Gamma is best used with instruments that have a lot of options trading that are heavily driven by options trades. That's by why I keep these stocks loaded in Bookmap and also here in my watch list. And Coin is a new addition that has been a great addition. Also heavily driven by options as well as that correlation to Bitcoin. Makes it even easier to follow. Let's take a look at Meta in Bookmap. Let's go to Meta. So very nice down move here as traders were taking negative delta positions. Always below VWAP. Pull back shorts to VWAP. Then finally finding a support making us somewhat of a double bottom. Right around 489.  I wanna thank everyone for watching. Remember, options expiration on Friday. We'll talk about it. Thank you very much for your questions and comments. Thanks for watching. And I will see you on Friday. Thanks again. Bye.