Session 2. Gamma Levels

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Sam.

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Good morning everyone and, and welcome to this new product session. And today we're going to be focused on gamma levels. But before we get started, please let me know if you guys can hear me or see my screen and then we can get started. Welcome everyone and thank you for your time.

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All right, so we have a lot of things to cover today. So we're very excited because we are going to try and answer a lot of your questions and a lot of the things that our new users also ask all the time. So today's session, again, as I said, is going to be focused on gamma levels and how as retailers, can we build an edge and how can we invest like institutions? Right. So we, we're going to like answer some of the questions like how can I use gamma levels?

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How can we be more successful? And now can we eventually improve our strategy using your data? So today we're going to share a lot of insights and we're going to kind of like hopefully give you an idea on how you can trade like a hedge fund, how you can leverage data to improve your strategy. And we're going to show some live examples as well. So first of all, I'm Fabio, I'm the founder of Mentor Q.

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And after years at Bloomberg and then obviously building alternative data tools for hedge funds, one thing was very clear in my mind, traders do not just need more data, they need the right data and they need it delivered simply. And that's what we're trying to do here at Mentor Q. And today we're going to show you some of these examples. So we build institutional models like gamma exposure model, gamma levels, quant models, and we give them to you guys to access as retail traders. Today we're going to go over gamma levels, why they're important.

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They are very key to understand price behavior. They can help you trade with more precisions and they can also provide like some risk management and trade management tools that you can use. And we have some really exciting example live in the market as well. Please also send any questions. We're going to go over Q and A at the end.

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So send them in the comment and we'll answer all of those live as well. So first of all, I always share this slide because this is very important. Post Covid, the market has really changed, right? So flow in particularly option flow, now drives prices more than any other, like fundamentals or charts, right? So if you don't look at flow or our options can drive the market, you're kind of like trading blind a little bit.

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Option volumes as you can see in this chart, they're at all time high and zero dt is options, we're going to talk about those as well, dominate the intraday movement. So basically you need to be able to understand that institutional players, they use gamma delta and hedging flow to define the structure, define how they want to place their best in the market. As retailers, we are still kind of using old tools like technical tools support resistance, which there's nothing wrong with it. But again, if you are not using flow data and if you don't understand how the option market works and how it can move market, you're really trading a lot of noise. So today we're going to show you some really nice examples.

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So we're going to talk about gamma levels, but in reality we don't just provide levels, we show you through our models where the flow is likely to stall or accelerate, where dealers are hedging, our models are looking at dealers positioning and they are trying to forecast with a lot of different assumptions where the market makers might need to hedge and what are those levels that they, that you should be paying attention to. And today we're gonna, we're gonna demo this. But before we go into, into that, we need to understand what trading is. Trading is really like betting, but is betting with better math. Right.

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So let's reframe trading for a moment. Right. Is not, is not as guessing but is really a strategic betting at the score. That's, that's what really is. So every trade is a bet on an outcome, right.

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We risk capital based on the belief that if this happens and if price will go up, I will profit. So there's nothing really different from really playing poker or betting, but is really using math and using data to potentially have a better outcome. So the key here is not about being right every time, but it's about the math of your strategy. Right? Your strategy has a chance of success and your job as a trader isn't really to be accurate 100% of the time, but you really need to pick a strategy that has a strong odds of success.

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And you can improve those odds by adding filters or data and also reducing losing trades. So the goal is really not to be 100% perfect. But how can I improve my strategy by reducing for example the wrong trade and by using data to my advantage. And this is really how institutions are trading. So if you think about a hedge fund, if you think about an asset manager, they start with the strategy.

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The strategy could be based on macro, fundamental technicals, could be a quant strategy and the strategy has an expected return, but it's not perfect. And the strategy also doesn't work every time. So a strategy that worked in 2000, 2005, before the first credit crisis, not necessarily will work in today's environment. So the goal of an institutional player is to always adjust their strategy, always add filters or factors that can improve performance. They look at ways to avoid false signals, enter earlier with higher confidence, cut losses faster, and scale when probability increases.

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And how do they do that? They buy a lot of data. A lot, A lot of data. I was selling data to hedge funds and that's what they do. They look for alternative data, they look for flow data, they look at option models, sentiment data, social signals.

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And the reason is very simple. They invest in the data to improve their alpha, so to improve the hedge that their strategy has. So even if you can improve your strategy by 2 or 3% a year, that's obviously massive for large hedge funds that trade really a lot of capital. So when you think about trading, you need to think in the same way you need to think like a fund manager. So you already have, if you are a retail trader, if you're listening to this video, you already have a strategy, you already have some sort of success, you already are interested in trading, and you have probably a set of tools that you already use.

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Like, for example, you could be using volume profile, technical indicators, order flow, right? But then how can I improve my odds of success? By adding additional factors. And that's where Mentor Q comes in. That's where we can help you avoid the noise.

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We can help you with our gamma levels, we can help you with our quant model. And the idea behind it is really that you're looking at ways to first have better confidence in your decisions, time, better entries, reduce false signals. So again, you might be trading with a lot of indicators that could cause noise. So how can mentor queue help you reduce those false entries? And the goal again is the same.

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Just like hedge funds, you want to use better data to improve the alpha of your strategy, right? Reduce the losses and improve the trade that you can, you can make. So this is really the goal of what we provide, so we can be, this is what kind of we can do for you. So it's all about really increasing your odds of success. And, and again, we can be a supporting tool and we will show you how today.

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But it really starts with you. You need to find your strategy, you need to find what works for you. So for example, within our room, we have a lot of scalpers that Use our levels to scalp a few points on futures. But we also have option traders that are using our data to potentially define whether they are buying or selling options. So it's really first, it starts with you.

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You need to define what works for you. Can you handle the pressure as a day trader or do you prefer to be a swing trader? So you need to find your strategy, you need to find what works for you. Then Mentor Queue can be your confirmation tool. We can help you avoid bad entries, we can show you how to plan your trade, we can obviously simplify the market.

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Next week we're going to focus on our Q score and our swing models. And again, we can provide the same tools that are used by hedge funds and institutions. But again, it's all about you first. So you need to define what you want to trade, how you want to trade, what works for you, and of course, your risk profile as well. What we are not, we are not providing signals, we're not telling you what to buy or sell.

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We also are not a crystal ball. We cannot predict the future. And of course, this is not about making fast money because trading is really one of the hardest profession in the world and you need to be willing to learn, study, make mistakes and improve. And of course, finance is about building a strategy that can be long lasting and can adapt. So the market really reacts really fast.

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So today, something that worked today, not necessarily will work in the future. So you need to be able to adapt in the market. And again, we're going to provide you the tool to be able to do that. But this is really the starting point. There's no free lunch, there's no free money.

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In finance, everything is about you, everything is about using data, and everything is about creating a strategy that can evolve over time. So with that said, please let us know if you have questions. But let's go into what we're going to talk about today, which is really our gamma levels, right? First we need to understand what they are, why are they important and how can you then use them? And we're going to show you some examples.

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So gamma levels are really price zones that are derived from option positioning, specifically from gamma exposure. They reflect where dealers and market makers are likely to hedge aggressively based on their option exposure. So what we do at Mentor Q is we analyze the entire option chain for each underlying asset. We compute our gamma exposure models across all strikes, and also we have zero these options as well. And then what we do is we map out key levels that indicate where market flow is likely to react.

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So when we look at gamma levels, you always need to look at them as reaction areas, areas where institutions are more likely to react when the price reaches those areas.

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These levels are also not based on historical price action like technical analysis, like technical indicators, but they are forward looking. So they are based on where the market is structurally positioned from a dealer perspective. So it's very important, when you look at lines on a chart, they're not based on price action, they're looking, they're based on option positioning. So even though you see, you think they're just simple support and resistance area, they're actually much more because they carry a lot of importance and a lot of weight.

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All right, so why is gamma such a powerful concept for traders, especially for those who are trading futures or intraday traders? Again, this is not about learning how to trade options. This is about learning how option flow can actually dictate, dictate the price action of your asset. So Gamma is the second derivatives of, of an option, right? It measures how fast delta changes as the price of the underlying asset moves.

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That matters because dealers and market makers hedge their delta exposure using the underlying asset. So they would trade spx, qqq, Nvidia, or they also trade futures. So they would also edge by trading futures. So when Gamma is high, their delta change is fast with the price. And that means that they actually must edge higher, more aggressively.

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So that also is very important because options flows create future flows. So if you're trading futures, you should really be paying attention at the option market because most of the option positions are hedged with futures.

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And we're going to go into a little bit of a breakdown in a simplistic form of what delta hedging means for a market maker. So in this slide we show, our market makers are hedging investor positions based on whether we buy or sell options. So remember, very important market makers are not in the business of taking risks. So they do not really take positions based on the idea that the price will go up or down. Their business is really based on volume.

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So they make money if the volume and the trade activity increases. So because they're not taking risk, they need to offset their exposure by hedging the change in delta. Delta is a very important Greek. We're going to talk about it a lot. Gamma defines the speed of delta.

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So Gamma is very key as well. So this edging activity creates a real buying or selling pressure. When market makers are hedging, we can see an amplify in price moves, especially if we are near expirations or Key strikes. Price could actually stall around certain levels. We're going to talk about what, what's defined as pin risk.

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And of course the, this edging activity could actually trigger sharp reversal, especially when gamma flips from positive to negative.

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So now we know that the option volume is at the highest it's ever been. We showed you in the slide before. We also know that on the other side of most option transactions, we have market makers. And we also know that market makers are not in the business of taking positions. So they are buying and selling the underlying to cover their exposure.

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They keep buying and selling based on the change in Delta. So again, very, very important. So you need to understand that if we have a lot of option activity on the other side, we are going to have market makers that are constantly hedging throughout the day. And this will increase the price action, will increase the flow. And today we're going to show you also very good example.

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So why is Gamma so important? Because it tells us how fast the delta changes and it can help us understand if market makers need to hedge more aggressively or not.

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Here we see that when we are in a high Gamma environment, Delta changes quickly with price. So dealers need to adjust their hedges rapidly, otherwise they will incur in potential losses and those losses could be substantial. This also means that by doing that, this creates more flow and therefore more volatility.

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On the other hand, when Gamma is low, Delta also changes slowly and dealers need to hedge less. So as a result, we're going to have a more stable price behavior. So less volatility. So understanding Gamma means that you can anticipate how price might behave around key strikes and, and not just react to it. So for example, we're going to talk about positive and negative Gamma.

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We're going to show you some of our charts. But basically why is Gamma so important? Because it can help us understand why price gets pinned near a strike when we are into an expiration. So when Gamma is high and the price sits near a major strikes, the hedging pressure can really balance out and keep the price locked in at that level. So as traders, we need to be able to understand this.

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It can also explain why we see very big breakouts, especially when there's no news in the market, when there's no catalyst. Why do, why do these big moves happen? This is because of Gamma and this is because of options positions. And then of course we can, it can help us understand the areas where reversal could happen intraday, even though we don't have any catalyst. So by saying so whether you are trading futures, stocks or indices.

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We can actually improve entry timing and risk reward by looking at gamma. So if you know where gamma is concentrated, it can help you avoid bad entries. It can also tell you where positions may support your trade and where we're going to see a lot of flow and a lot of reaction. It can also help traders anticipate volatility by because understand where the market is positioned can help you prepare and not just react to price action. This is why at Mentor Q we really focus on gamma exposure.

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It gives you really a lens into the market mechanics and reveals kind of like the pressure behind price. So with gamma levels you're not just looking at candles, you're not just looking at support and resistance area. You're actually looking at where the big institutions are and how they are positioning and then you can actually see how the price could react.

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All right, before we move into the different gamma levels, we need to explain a few additional concepts that will be very important to understand why gamma is so relevant. So the first thing we're going to start is our net gamma exposure chart. You've probably seen this if you're using our dashboard or on Twitter. This is really important for us and is one of the most important models a mentor queue. And you know you can find it in the dashboard for every asset that we cover.

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So what does this chart show us? The NetJax chart really helps us visualize the distribution of gamma exposure across strike prices. The green bars shows the net cold gum exposure and the red bars show the net put gamma exposure also very important.

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The widest bars point out the strikes where the dealers are most exposed and this become our core resistance and put support zones. This chart. Why is this chart important is because it can really give us a structural map of market pressure where the flow is likely to reverse, where it may accelerate, where pinning behavior could trap price near key strikes. So this is just really not just a visual chart. It really it powers our level and it shows what the market structure is.

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So nowhere is not really looking at the past is looking at the price could be as is looking at a forward looking positioning by coming from the option market. So please send us any questions and we'll answer them. Also at the end this is really then other chart translates into your trading platform. So what we see here is really the indicator. We're gonna go into a demo.

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We also integrate this data into 10 different applications. So whether you're using NinjaTrader Transpider Sierra Chart, you will be able to access the same levels that you see here on TradingView on those platforms.

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All right, before we then move to the single levels and how you can trade those, we need to introduce another key concept, which is the concept of positive and negative gamma. So the gamma of an option can be positive or negative depending on whether you are long or short or whether you are buying or selling options. So if you are long options, if you are buying a call or a put, your gamma is positive if you sell an option. So if you sell a call or a put, your gamma is negative. So at Mentor queue, we calculate our net gamma exposure by analyzing the full option chain and then run it through our models.

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And the idea behind it is really we want to understand whether the market is in a positive or negative gamma regime. And why is this important? Right? Is very important because as we said earlier, market makers need to hedge their delta. So they constantly adjust their exposure by buying or selling the underlying based on our delta changes.

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And since gamma measures how fast delta changes, it directly impacts how aggressively market makers need to hedge. So the net gamma exposure across the market determines how these hedging flows behave. And that has a real consequence on the price action, especially if you're trading future or indices. This is very important.

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This is why it's very important that you understand this principle because it will help you a lot to manage your risk, to manage your exposure, and basically understand how the price could move throughout the day. So let's really simplify this further. It's important to understand that when we are in a positive gamma environment, the market overall is net long options, meaning that the market has been buying more options than selling. Right. What does that mean from a market maker behavior?

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That means that the market makers hedge a little bit differently from when we are in a negative gum environment. So they buy when the market drops and they sell when the market rises. So that really this activity helps keep their delta neutral. And basically this edging flow kind of like helps keep volatility low. So when, when we are in a positive gamma environment, we typically see lower volatility, the price that typically tends to move in a range.

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And, and that's as a result of the way market makers need to hedge in a positive gamma environment. Why is this important? Because as a future trader, knowing this before the market opens give you a major clue on how your risk should be for the day, what you should be looking for, and so on. But now let's flip it to the other side. So let's go and see what happens when we are in a negative gap environment.

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So if we are in a negative ground environment, that means that the market is net short options, meaning that we've been selling or the market has been selling more option than buying. So in this case the market makers need to hedge a little bit differently. So they sell when the price drops and they buy when the price rises. So as you can see this hedging amplifies the moves instead of like dampening volatility. So by because they are selling when the market drops, that means that they amplify the move and the volatility is higher.

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So what is the result? When we are in a negative gamma environment we are seeing more volatility, faster moves and bigger swings. That doesn't mean that if we are in a negative game environment the price will drop. That means that we are going to see bigger swings throughout the day. So again, why is this important?

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Because for example, if you are trading NQ and we are in a negative GUM environment, you need to be able to adjust your, your stop loss and your take profit target and maybe you want to move to an MNQ instead of having a full position because the volatility will will be higher. So you might be chopped out very fast if you don't adjust your risk. So basically what positive and negative gamma tells us is really the mood and the sentiment of the market before it moves. Very, very important.

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Now where can we see this in the mentor queue platform. So first when you open an asset in the dashboard you immediately have our gamma condition. Here you can see if we are here we are looking at qqq, we can see that we are in a positive gamma environment. We can also see the areas when we are going to be in a negative gamma environment. By looking at the net JAX chart we're going to talk about the high volatility level in a second.

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But basically this is the area where the market flips from positive to negative.

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And then finally another way of looking at this is by looking at our option matrix. The option matrix, if you guys haven't used it, is an amazing tool. And here what we can see is not only if we are in positive or negative, but also how much gamma is expiring at each of the option expirations. So the option matrix really is a simplification of the option chain. On the left hand side we have the different expirations, on the right the different columns, we have the total jacks and DAX for each of these expiration and also our total exposure.

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So if you look at the total exposure column, if we are green, that means that we are overall in a positive gamma environment. If we see red, that means that we are in a negative gamma environment. Then we have different columns that you see there, which is our JAX normalized, DAX normalized and open interest normalized. That tells us how much gamma delta and open interest are expiring at each of the expiration. Very, very important because we're going to talk about also option expiration in a second.

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And then the last two columns are really showing us the JAX change compared to the previous day. So when we open the dashboard in the morning, are we seeing an increase in positive gamma or negative Gamma or positive Delta or negative delta? That is also important because it can help you understand whether the sentiment might have changed for an asset and how the market can be positioned.

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So let's, before we go to the next slide, let's take a closer look at how Gamma behaves around strike prices as we get closer to expiration. So at the money, options or ATM have the highest gamma. They are most sensitive to small price changing in the underlying price. So even just a small move can really push them out in or out of the money. So what does that mean?

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It means that delta changes fastest for add the money options. So for add the money options dealers must age more aggressively. When the price comes closer to these levels then we have the concept of option expirations. Right. So when we are closer to expirations also Gamma increases sharply, especially if the the options are at the money.

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So you're going to see a lot of strong change in gamma for at the money options that are near expiration. So we're going to talk about 0 etc options in a second. But basically what this means is that options are even more reactive to price and that can also cause dealers to actually make quicker and larger hedges throughout the day.

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So next thing we're going to look at zero DTS options. These are also available within the platform. So what we see here is one of our models is our NetJax multi expirations. And on the top left you see the zero DTS flow. So this is just looking at options expiring on the same day.

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So for those who don't know what 0DTs are, essentially they are options that are expiring daily. So if you trade SPX futures, QQQ or some of the ETFs, they have daily expirations. If you trade stocks, we only have weekly expirations. So you can only trade the options expiring on Friday. But if you trade indices and futures, we do have daily Expirations.

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And why is this important? Because in the past few years 0 DTES have really exploded in popularity. And while they may appear to be short term noise, they can actually have a massive impact on intraday price action. Especially when gamma exposure is concentrated around key strikes. So for example, if we go back to the previous slide, whenever you see a lot of gamma exposure like in the first expiration, there we have 25% of gamma expiring.

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Combining that to the zero DTE levels can really help you understand price action and can really have a very big effect.

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So why is that? Because zero DTEs have a very high gamma because they are at expiration, they are highly sensitive to small price changes. So if anything happens during the day and we have a lot of zero DTS gamma expiring, even a tiny move in the underlying can really cause a big shift in delta. And this can force dealer to hedge aggressively in real time.

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So for, for traders, 0dte's gamma levels can really help you understand why price gets pinned intraday. Why can breakouts accelerate and why do we see a reversal happen fast and without news. And also this is why we include our 0DT's levels within the indicators. So we're going to go over that as well.

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All right, so now that we understand what gamma is and why it matters and please let me know if you, if you have any questions, we're going to go through them at the end. Let's talk about what we have and how we made it practical and actionable and how can you use those tools using Mentor Queue. So first we have developed proprietary quant models that track gamma exposure and gamma levels. This is really designed to take complex information into clear and actionable levels that traders can use. Every day we cover 1400 plus assets.

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This includes stocks, ETFs, indices, crypto and futures. We recently released our crypto gamma levels as well. So if you trade crypto, you can now use those models on Bitcoin, Ethereum and other coins as well. And we also very, very strong on the futures side. We're actually one of the few companies that provide gamma levels on futures by looking at futures options.

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And when we look at the futures space, we cover about 25 different futures contract. This includes index futures like yes, NQ, Dow Russell, commodities like crude oil, natural gas, metals like gold, silver and copper rates like, you know, the Treasuries, Forex, soft commodities and crypto. So you can actually access gamma levels now on 25 different future assets, which is very, very important, very, very key. So now let's go into our gamma levels and how can you use them? We're going to look into a practical example.

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But, but before we do that we need to define what the gamma levels we provide. They are divided into what we call primary levels and secondary levels. So let's start with our primary levels. So the primary levels is our core resistance put support high volatility level, our one DMin and one day max and also our zero DTE levels. Within the secondary levels we also have our JAX one to ten.

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We're going to explain what these are as well during the presentations. But how can you use this level as a trader? So these levels are market reaction zones or key inflection point in price. We can identify where market makers may need to hedge aggressively using those levels. We can also spot hidden support and resistance that are not visible in the chart.

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But this is important to understand that these support and resistance areas are calculated using forward looking option data. So they're not calculated looking at past price action. And that's where the power comes in. Also we can look at levels where investors and dealers may need to adjust their strategies whether we are in a positive or negative gamma. So we can actually look at gamma flip levels where we are moving from a positive negative gamma.

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And we're going to show you what the some examples on how to use those as well. But I think, I think before we answer questions let's go and let's get practical. So we're going to go through each one of the levels and then we're going to show you a few ways on how you can use it. We're also going to answer some frequently asked questions, especially if you are trading futures at the end. And then we're going to go into Q A.

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So the first level that we're going to talk about is our core resistance level. The core resistance is really the strike price with the highest net coal gamma exposure. What you see here on the right is again the same chart we showed you earlier which is our NetJax chart net gamma exposure chart. The core resistance is really simply the widest green bar that you see there. It represents a zone where dealers have significant exposure to call option and therefore are likely to hedge more actively as price approaches these areas.

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Why? Why does it matters? Because as price approaches the core resistance level dealer who are long gamma begin to sell either the underlying asset or future to stay delta neutral. And this selling can create a resistance to further upside move. On the other hand, many traders are also taking profit or close position at these levels.

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And that is reinforcing the potential for a pullback or a pause in price because as investors are closing those positions, the market makers do not need to keep those edges up and that can cause the price to reverse. But on the other hand, if the market is strong call buyers may actually not sell. They may roll their position up to higher strikes and this can cause the, the core resistance to shift higher. And that obviously has a very big impact on dealer hedging where they shift again from selling to buying again and again that can be very important thing because that could actually be an inflection point. So the core resistance is really not just don't think about resistance in technical term is really a technical ceiling, is a structural ceiling, is driven by option positions and dealer flows.

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So we call it resistance because again, it is a resistance, but it's not based on technical analysis, is based on option positioning.

[00:36:35.03] - Speaker 1
All right, now let's walk through, let's walk through some of the scenarios of what could happen when the price approaches the cross core resistance, right? So the first scenario is what we call a rejection, right? When the price rallies into the core resistance, it's approaching a zone with the highest net cold gum exposure. This is where dealers who are often long gamma, need to sell the underlying or the futures to stay delta hedge. So we are going to see when we approach this level, a lot of dealer hedging pressure.

[00:37:14.08] - Speaker 1
So as the price approaches, the core resistance delta increases rapidly on the calls and dealers are mostly short. Possibly this is going to be a simplistic explanation. We want to make it clear and we want to help you understand how to use that. So to stay neutral, dealers must sell more futures. And that can create a, a mechanical selling pressure into the level, right.

[00:37:42.29] - Speaker 1
Even if there's no news or fundamental fundamentals data coming out. On the other hand, another scenario that could, we could see happen is that a lot of traders that were long calls are monetizing. So as the price approaches their strike, they are monetized, they start to take profit and again those close might be closed, which also causes dealers to unwind their long hedges and again selling the underlying asset. We also see what we call flow imbalance. So if we don't see more call buyers or bullish positioning above the core resistance, the hedging flow is dominating.

[00:38:25.07] - Speaker 1
This is where we often see the price stalls, rejects or even reverse at the core resistance level, even if we are in a bullish, in a bullish trend. And then of course the core resistance also becomes a psychological layer. It's all is most likely on round numbers or prior highs. Adding also a psychological resistance that reinforces the trader behavior. So if you guys remember a few months ago when the SPX was approaching the 6000 level, that was also very big core resistance that was of course a psychological level for traders and the price kind of rejected around, around that area.

[00:39:07.14] - Speaker 1
All right, In this slide we can also simplify this and we are going to make those slides. There was a question before. We're going to make those slides available within the academy. So we're going to make some changes so those slides will be available as well. Look at an example.

[00:39:25.27] - Speaker 1
So this was an example of that we took yesterday was I think the previous day. This was Palantir. We saw the price approaching the core resistance on the previous day. Then on the next day the price open at core resistance and reverse back.

[00:39:48.26] - Speaker 1
All right, then we also have a second scenario right on how we can trade the core resistance. And in this case we are talking about the breakout. So what's happening behind the scenes? In this case, call buyers step in. So as the price approaches the core resistance bullish trader actually start opening or rolling call positions to higher strike.

[00:40:13.20] - Speaker 1
So they believe the price could actually go much higher. So they take bets and, and positions on higher, higher strikes. So dealers who were previously long gamma now face rising that exposure on the new codes that have been open. And especially if we are near expiration or in fast moving market, they must hedge with price. They must actually hedge higher.

[00:40:40.27] - Speaker 1
So they might have to buy futures or underlying asset. As the price rises we also can see a structural shift. So if more coal buyers or traders are now adding bets at higher strikes, the core resistance might no longer be a ceiling. So it could actually become a support zone. So obviously what we can see that sometimes the price tends to retest those level and then of course can actually become an inflection point.

[00:41:18.28] - Speaker 1
This is again another simplification on what could happen when we do a breakout. And again this is an example that we took this week as well on Amazon. As we broke through that core resistance, we basically saw very very strong bullish activity going higher. And then of course the price, the core resistance in this case became now a new support area. Again this is important because it's not based on past price action is based on forward looking option positioning.

[00:41:53.23] - Speaker 1
All right, now we can move to the next level. So we're looking at our put support. The put support again on the opposite side is the strike with the highest net put gamma exposure. So it, it tells us a zone where Dealers are mostly exposed to puts and are likely to hedge heavily as the price approaches those areas. In our net gum exposure chart, the put support is shown as the widest red bar as you can see here.

[00:42:25.24] - Speaker 1
And it really indicates the highest level where we see the highest net put gamma at a particular strike. So why is it important and how can we look at this level? So as the price moves down towards the put support, dealers who are now short gamma due to a lot of like puts activity must sell the underlying to stay delta neutral. But when the price approaches the strikes, put holders or put investors might also monetize those positions. So as puts are closed and profit is taken from investors, dealer also can unwind their hedges so they don't have to keep those edges up any longer.

[00:43:10.22] - Speaker 1
And this creates also a lot of buying pressure. So it often causes the price to bounce. But if we are in a weak market again another scenario and we're going to look at that into details. Traders may roll their puts at lower strike. So shifting the put support down so dealer actually begin to hedge lower.

[00:43:30.01] - Speaker 1
And then again this increases the selling pressure. So whenever we break put support level we typically see a strong move to the downside due to this kind of like market mechanics happening. So the put support for us is a structural floor is not based on price history, but it's based on where the hedging behavior builds up and it unwinds. So we can look at it. The reason why we call it support is because is a floor that we have where the market should potentially bounce.

[00:44:00.11] - Speaker 1
But again there's different use cases there. So the first scenario and we're going to walk through again two probable scenario on what could happen at the put support level is really in this case dealer are short puts. And dealers are who sold puts are also now short gamma and they're hedging their exposure by selling the underlying asset or futures as the price drops. If you are, if we have put holders, they also might start to monetize their puts. They must, they might start closing their puts.

[00:44:36.15] - Speaker 1
So as the price approaches the put support put order begin monetizing closing their positions. And then of course market makers do not need to hedge any longer. So they basically release those shorts by buying back the underlying asset or the futures that they had to cover those shorts. So the dealer again they unwind the short, they start buying. So as the puts are closed, this buying pressure really can create a floor or a ceiling to the downside.

[00:45:09.05] - Speaker 1
But at the same time we need to also understand the flow. And if we are shifting from selling to buying. So again the net effect is really a reversal dealer flow. So if the dealers are starting to buying back those shorts, then again we could see a lower selling pressure. And we could see basically, you know, we could, we, we can start seeing buying pressure again.

[00:45:35.17] - Speaker 1
And that, that's why we call it put support. So that's why the price kind of bounced back on this floor.

[00:45:47.24] - Speaker 1
Those are the things again simplified how you should be looking at the put support when we're looking at the bounce. And then we can actually see an example here. This is an old example on when the price dropped, rich put support retested the level and then kind of bounced back to the upside.

[00:46:11.07] - Speaker 1
And please send any question you might have the put support. This is a second scenario. We can actually see a strong breakdown of put support and that's when put support becomes an inflection point. So what is happening here when the price drops towards the put support, if a trader or if the market is really bearish on an asset, they actually might not monetize those puts, but they might actually roll those contracts to lower strikes to maintain their downside exposure. And again this creates a new put open interest below our current put support level.

[00:46:50.15] - Speaker 1
And of course this implies that dealers need to hedge those new put exposure and they need to hedge by again selling more of the underlying asset or futures. And again, this adds a lot of mechanical selling pressure into the market.

[00:47:08.23] - Speaker 1
As new puts are also open. We are actually going more in a negative gamma environment. And again we know what happens in negative gamma. Dealers are selling when the market goes down. So again that could actually cause more, more sell impression.

[00:47:23.21] - Speaker 1
Also, if we don't see any buying flow activity coming in at the put support, that means that there is not a lot of structure that can actually support the bounce. So that's why we, we often see triggers for trend continuation and that's why the price can actually move down very very fast.

[00:47:49.07] - Speaker 1
Again, this is a, this is another very very simple breakdown on what could happen when we are in a breakdown of put support. And again, this is another example of S P. This is a no slide that we have, but we broke put support and now the put support becomes a resistance no longer a support.

[00:48:25.23] - Speaker 1
All right, now let's go into our third gamma level, which is the high volatility level or hvl. The HVL is our transition zone and that signals a shift shift in gamma regime from positive to negative or vice versa is derived from the inflection point in the slope of the cumulative gamma Exposure curve. So the, the yellow curve that you see there, that's when we see the inflection point. So what does that mean? Above the HVL we are in a positive gamma environment.

[00:49:03.18] - Speaker 1
So again a dealer hedge against price movement which really helps stabilize price action. Below the HVL we are in kind of like a negative gamma environment. And again dealers hedge with price movement amplifying volatility. So why does it matter? Because if the price is kind of like above the hvl, you are more likely to see mean reverting environment.

[00:49:27.12] - Speaker 1
If the price is below the hvl, you are more likely to see momentum driven setups, break breakout strategies and so on. Traders can use the HVL level to adapt their strategy, understand if flow is likely to stabilize or accelerate and again use them as risk management tool as well. So why is the HVL so important? Because it's really like a sentiment indicator. It doesn't just tell you where the price might marry act, but it tells you how the price is likely to behave in the current gamma regime.

[00:50:07.02] - Speaker 1
So very, very important. So again let's look at some scenarios as well on how you can use the hvl. So if we are in a positive gamma environment and price trades above the HVL with a positive gamma regime, dealers are long gamma which means that their debt exposure changes slower than if they were in a negative gamma environment. As a result they hedge against price movements, selling as price rises and buying as price falls. And this creates a dampening effect on price movement and this leads to a more stable mean reverting environment.

[00:50:50.02] - Speaker 1
So in this setup the HVL normally acts as a level where the price tend to pin. We're going to talk about pin risk. We always talk about it, especially when we are near expiration. So in these scenarios traders can expect really the market to chop and we can see maybe short term reversal. But the HVL really act as a magnet.

[00:51:21.05] - Speaker 1
This is an example that we took from I think yesterday or the day before where again the price on SPX was chopping all day around the hvl. In this case zero, it is level. So again you can use this as your scalping tool, as your risk management tool. And, and again this is very, very important. This is one, one scenario.

[00:51:49.20] - Speaker 1
All right. The second scenario which is also very very important is when we are in a breakdown plus a volatility spike at the HVL level. So below the H DHVL gamma flips negative. So now dealers are starting to be in a short gamma environment. Or short gamma regime.

[00:52:13.26] - Speaker 1
So this changes our dealers behave. So they hedge with the price movement. So they sell when the price fall and they buy when the price rises. So this behavior creates a feedback loop that amplifies volatility instead of suppressing it. So as a result the HVL level becomes kind of like a launchpad for directional moves rather than a pinning zone.

[00:52:38.03] - Speaker 1
So when the price is below the hpl, traders should expect momentum and trend following setups to dominate the market. So again why? Because dealer hedge with price increase in volatility and breakouts and directional moves are more likely. So that means that if the price drops they sell more, if the price rises, they buy more. This creates a feedback loop and we're going to see an amplification of volatility.

[00:53:09.19] - Speaker 1
And that's when we see typical momentum, days, breakouts and breakdowns. And again, this is a really good example that we, that we took from a few weeks ago. We break the hvl. ZT is we went straight down to the HVL and then we broke down again with a very, very strong momentum.

[00:53:38.25] - Speaker 1
All right, so this is very important. So this is a very key concept. So HVL or the HIVAL level isn't just a level, it's a regime compass. It helps you choose the right type of trade for the current environment. So again, if you are trading futures and you see that we are flipping from positive to negative gamma, then again that could mean a lot.

[00:53:59.13] - Speaker 1
And that could also help you adjust your strategy, adjust your hedges and basically and basically manage your risk better with real time movement.

[00:54:15.03] - Speaker 1
All right, next we're gonna go into our 0dt's level.

[00:54:22.19] - Speaker 1
And again why this is important.

[00:54:26.29] - Speaker 1
So what happens if we isolate just the option expiring today? This is where the 0ds gamma levels come come in. This is a very important lens for intraday trading. And of course what we do is we separate the 0dt's flow and the 0dt options from the full option chain. Because we can actually filter out long dated noise.

[00:54:52.06] - Speaker 1
We can focus on where intraday hedging flow will be most reactive. And we can identify high conviction, support and resistance and potential breakout zones.

[00:55:03.21] - Speaker 1
Why is this important? Because again, as we explained earlier, 0dt's options have extremely high gamma, especially near the money. That means that even if a small price move can cause a big shift in delta, which again forces dealer to hedge rapidly using futures or the underlying asset. This is why we have developed our core resistance put support and high volume level 0 DTES just to look at intraday Zones and how the price can actually react. So very, very important.

[00:55:47.01] - Speaker 1
So again this is why we can how we can use 0dt's levels. We're going to show you some example also in a second but again very key. You can use them in the indicator, you can use them standalone. You can also isolate the just the gamma exposure for zero DTS by looking at our intraday models. And we're going to go into the dashboard as well.

[00:56:09.13] - Speaker 1
This is some examples on recent activity where our zero level really acted as magnets throughout the day. Here we have our core resistance gamma wall and again this is another example. This is an S P where we looked at our put support zeros. Again this was the structural barrier, our support zone causing the market to then move to the other.

[00:56:39.13] - Speaker 1
All right, the next level we're going to go into is a very very important level and it's one of the key indicators that we provide which is is our one day expected move indicator. So the one day expected move indicator tells you an estimated range on how far the asset is likely to move in either direction. So we have our one day max and our one domain. Why is this important? Because this is a volatility indicator.

[00:57:06.20] - Speaker 1
It can tell you how far the market can go and it can tell you also where are some areas where you could potentially plan a trade or if you are in a trade how can you use those levels as your trade management tool or stop loss tool? Why does it matter? Again it's based on option price positioning, forward looking volatility. So it's not really a guesswork is really like based on data. And also when we break outside this range we can always see some explosive moves and we're going to show you some back testing results.

[00:57:44.23] - Speaker 1
And again how can you use it? You can use it to, to set up your profit targets or reversal zones. You can actually use them as stop loss and also you can use them as potential breakout area. So if we are in a very strong trending day, a break of the one day max or a break of the one demand can actually become a very very interesting area to enter the trade as well. Let's look at some backtesting.

[00:58:10.22] - Speaker 1
This is all available on our website. We are looking at four years of history and we've shown this before. So if you guys have seen this before we're just going to repeat the importance because what the data is telling us that if we look at four years of history on option positioning on SPX, the price of SPX closed above the one day minimum on 87% of the cases of the days over those four years and closed below the one day max on 85% of the days. So when we look at some trade examples, you can see that here we are looking at I believe is NQ. This was April 2, 2025, market open lower with touch our wonder mean we reverse.

[00:58:59.09] - Speaker 1
And again, how could you play this data? You could have jumped in the trade at the one the minimum and you could have used the one the max as your take profit target. Or if you missed that move, you could have actually enter a reversal trade and at the one the max and use the other levels as your as your take profit target. Same example, this was ES on the same day. Again same thing.

[00:59:27.20] - Speaker 1
We touched the one the mean, we went all the way to the one the max and then we reverse back. So this is a very important level, very, very key for us. And then next before we go into some example, we're going to talk about our secondary level which is the JAX level 1 to 10. So beyond the core gamma levels, which is of course what we mentioned, core resistance put support ivo level and one day, one day max one them in we have our JAX levels. These levels are derived from our net gamma exposure chart which you see here on the right.

[01:00:03.03] - Speaker 1
They are the widest green and red bars and they basically show us the most significant concentration of cross call and put gamma across the option chain.

[01:00:16.29] - Speaker 1
So a lot of questions come like what does Jax1 mean? What does Jack stand? So Jax1 is the second level after our core resistance and put support with the highest gamma exposure. Then we have JAX2 all the way to JAX10. So JAX1 has a higher gamma exposure than JAX2 than JAX10.

[01:00:37.27] - Speaker 1
So you can use that also to understand the relevance. So JAX1 is typically a very, very strong level, also J2. But then of course you also have smaller level like Jax 8, 9, 10 etc.

[01:00:54.21] - Speaker 1
How can you play these areas? Again those become strong reaction areas. So what you can see here is we are playing around levels. So we are basically going from JAX1 to HVL, back to Jackson and then we are targeting all these levels. So again, based on the type of strategy that you have, you might want to use those level in different ways.

[01:01:15.10] - Speaker 1
So we have a lot of users who are scalping those levels. We have a lot of users are using those as take profit targets. So again this is a lot of things that you can do. And these are not just support and resistance. Again they are, they are structural levels coming from the option market.

[01:01:37.27] - Speaker 1
So we have A question if Jackson is equal to put support or core resistance? No. The answer is no. So basically Jax1 would be the second level with the highest gamma after put support and core resistance. So if we look at at our net gamma exposure chart, put support and core resistance will be the levels with the highest green or red bar.

[01:02:04.00] - Speaker 1
And then J1 would be then the second highest level. Whether it's a positive or negative. I hope that makes sense.

[01:02:18.02] - Speaker 1
All right, next we are going to go into some frequently asked questions and then we're gonna go into some example. So the first question that we get is when do the levels update? So we have different types of levels. So we have levels on stocks, ETFs, indices. Those are both end of day.

[01:02:44.03] - Speaker 1
The end of the data updates at around 5:30 to 6:00pm Eastern Time after the market close. But we also have intraday data available for you guys that updates 14 times per day. The first snapshot comes at 8am which is the pre market snapshot with the updated open interest. And then we start updating the data from 9:50 onwards every 30 minutes. Futures data update once a day.

[01:03:09.21] - Speaker 1
We currently have end of day data on futures but we are also going to show you in the next few slides how you can actually convert intraday data on futures. We also have our crypto data that updates at 8pm Eastern. And then we have our blind spot level and swing levels that update at 11 and 6pm Eastern. We're going to talk about blind spots and swing levels in a separate meeting, in a separate call today. We're going to focus on mostly gamma levels.

[01:03:40.11] - Speaker 1
All right, second question that we get, you provide levels on ETFs and indices. But if I trade futures, why should I convert levels and how it works? This is a very great question. So the first thing that is important again going back to what we said at the beginning, you need to have an edge and you need to be able to access data fast to make better decision. So here we show you the three different charts.

[01:04:06.21] - Speaker 1
This is the net GAM exposure chart ofSPX spy NES. As you can see they are like slightly different, right? Although they might tell you a similar picture, they're actually not exactly the same. So by looking at these three separately, this can actually give you some really good insights on where the market is moving. Even if you are trading future, you should be paying attention to what's happening with the other assets that are actually moving in the same direction.

[01:04:35.21] - Speaker 1
The other question that we get, why is the put support and core resistance different from SPX to es, right? And the answer is again simple. Spx, SPY and ES have three different option chain. So again three different chains. And it's very important that you understand also the customer that is trading those assets.

[01:04:57.21] - Speaker 1
So if we look at SPX we have a lot of institutional flows coming in. SPX options are cash settled, they are normally traded in big blocks, so they are normally traded by large institutions. SPY is more of a retail product or long, long term asset managers where they use SPY as a tool to invest in the market. So if you are a retailer you would have Spy in your 401k or QQQ in your 401k. If you are like an asset manager with a long term view, you will also hold SPY and you might be hedging your SPY positions not because you think the market is going to drop, but because the market you don't want to lose your profit.

[01:05:42.15] - Speaker 1
So when we see like this divergence between SPY and spx that's also very very important data. And again yes, futures market maker CTAs are using yes to trade. So again very very important that you understand understand who is the customer for this type of data. And again by comparing levels across all of these three assets you can actually spot hidden areas, you can confirm high conviction strikes and again you can detect unusual divergence. So again we give you access to all three of these option chain.

[01:06:18.04] - Speaker 1
So it's up to you to use them at your advantage. But also you add the flexibility to potentially, to potentially use them in conjunction. We have a good questions from MA which actually is very pertinent to what we are doing right now. Do Jack's levels for SPX spy Yes. Have different weight.

[01:06:41.29] - Speaker 1
So I think SPX is by far the ask with the largest option flow. So if you are trading yes, you definitely want to look at SPX because by volume is the is the highest. Then you have spy which is also very very high in volume and then you have yes. So I would say very very important that you monitor those because they have different volume and different implications.

[01:07:09.19] - Speaker 1
All right, so if I trade futures and I want to use intraday data, what can I do? So you can use the end of day futures levels coming from the futures option chain but you can also do conversion and we're going to go into convers conversion in a second. So if you are trading es, you might want to monitor SPX or spy. If you trade nq, you might want to monitor QQQ and ndx. The reason why I put QQQ in front is because QQQ has by far more option volume than ndx.

[01:07:41.24] - Speaker 1
But also NDX levels are actually very, very important. You could also convert Max 7. So let's say that tomorrow we have earnings, Apple, Amazon, you want to see the Apple levels on NQ because you think that that's going to have a big impact. You can also do that or Nvidia. When Nvidia reports, you could actually convert Nvidia Gamma levels onto nq.

[01:08:07.00] - Speaker 1
If you trade Russell then IWM would be your option. If you trade Dao. DAO is a very interesting one. DAO does not have any option activity. So there's no options on YM or on the futures.

[01:08:22.25] - Speaker 1
So what you can use is you can use the DE dia which is the ETF of the, of the Dow Jones or you could use our blind spots indicator on YM if you trade Bitcoin. Now we do have gamma levels on Bitcoin by looking at the Bitcoin option chain. But you could also actually convert the iShares IBIT. IBIT has a lot of option volume so it could be very, very interesting. Could be very, very important.

[01:08:50.20] - Speaker 1
If you trade gold then you have GLD and if you trade crude oil then you have USO. If you trade bonds then you can use TLT or any of the other ETFs that are looking at bonds, exposure and so on.

[01:09:07.18] - Speaker 1
All right, another question that is very very important. When should I use end of day versus intraday and what is better? All right, so first let's go and look at our intraday level and why we develop. So we provide intraday gamma models on stocks, ETFs and indices. They update 14 times per day so every, almost every 30 minutes.

[01:09:29.29] - Speaker 1
And they are very, very important because they can help predict support and resistance or breakout levels. And today I'm going to show an example this morning. They can help us track what the flow change is and not what the price has been. And of course we also have our zero DT option where gamma is the highest. Right, so that's enough for the slide guys.

[01:09:53.23] - Speaker 1
So let's go into the platform and then we're gonna go into some example. So let me put this back.

[01:10:03.14] - Speaker 1
All right, so first of all let's go into, into the chart. So what you see here is our indicator on Trading View. It's important to note that the levels now are auto updating meaning that every morning when you open up the indicator we auto update the levels in the code. Important to understand that TradingView does not have an API so you need to Remove and re add the indicator every day but the levels are automatic that there. So what we see here is we have our end of day indicator for SPX which again very, very important reaction area.

[01:10:43.28] - Speaker 1
We had our core resistance but what happens if we add our intraday? So now we are looking at our intraday indicator and as you can see the price dropped all the way down stopped at the HVL put support 0D is coming from our intraday model and then kind of reversed. We can actually look at the same thing on qqq. So we have our end of day indicators here. So on the left side we have our end of day and on the right side in white we have our intraday.

[01:11:19.18] - Speaker 1
So what we can see again very very important this was the barrier for today on QQQ, right? We touched the put support and HVL0 is this is coming from our intraday snapshot at 10:30. So again I probably should refresh that as well. But at that time this was very, very important ceiling. So now let's go into what happens if I trade futures.

[01:11:42.27] - Speaker 1
What can I do with that? Okay, so if you come into the indicator there's different settings and we are not going to go on all of them. But again very, very important we have our conversion here. So I could actually convert levels from any asset to any asset. So I could convert again Nvidia to nq.

[01:12:02.08] - Speaker 1
I could convert Amazon to nq but what I'm doing now is I'm converting QQQ to nq. This is using our intraday data but let's first go on nq.

[01:12:15.17] - Speaker 1
So this the first indicator that you see is the futures end of day levels coming from the futures option chain. Again JAX5 was the top, we went all the way down. This is what we call pinning effect. So you see that the price kind of stores around this core resistance. Here it is.

[01:12:35.21] - Speaker 1
Then we break down and we kind of chop around this area. But again what how can I use then additional data to my advantage. So let's add our intraday indicator. Right. So again now what we see here is that the put support hvl0dt is coming from qqq actually was the perfect bottom for the day.

[01:12:59.02] - Speaker 1
So we were actually touched this level went all the way up. So what can I do? And again a lot of users ask oh we are, there's too many levels, how can I use them in conjunction and what should I use best? So let's actually do this pretty quickly. So we have our intraday levels here.

[01:13:17.07] - Speaker 1
So we can actually how Do I?

[01:13:26.08] - Speaker 1
All right, we can actually draw some of our areas here. So we have our one day minimum from qqq, we have our core resistance coming from qqq. And now we can simply add those levels. We now have our end of day, we have our areas, we know something could happen. This could be, be a reaction around here.

[01:13:46.28] - Speaker 1
We also have a lower barrier right there. And then if you want to add back the levels, you can always do that. And if you just want to have the intraday, you can also use that as well. So again, reaction coming from also Jack straight QQQ all the way down to put support coming from QQQ together with the end of day futures level. This could have been a very, very strong, strong roadmap for the day.

[01:14:13.29] - Speaker 1
We can do the same for es.

[01:14:23.20] - Speaker 1
So again, this was the futures level end of day. Now let's go into the intraday and let's add our SPX level to es. So again, we know that we have a very important area here. We know that we have a very important area here. We know that we have a very important area here.

[01:14:53.02] - Speaker 1
And then of course coming from spx, we know that the core resistance is also very important. So if we now hide those levels, we add those back, now we have a confluence area. We have obviously the level from yes, has been touched, but we also know that this area is very important because it's coming from the intraday move of SPX plotted now on es. So again you can really, in a few moments you can actually add a lot of confluence.

[01:15:28.01] - Speaker 1
That's a great question. Can you show us how we may convert from max 7 to NQ? That's an amazing question. So let's go back and let's say that we want to use our intraday. Let's go to nq, Let's remove this area.

[01:15:51.02] - Speaker 1
Let's open our intraday data. And now when we go into the conversion settings, what we simply need to change is the ticker. So let's say that we want to convert Nvidia levels to nq. We can simply do that. And now we have basically our Nvidia levels right here.

[01:16:16.11] - Speaker 1
But let's, let's say that we wanted to do other conversions. Let's say that we want to convert for example intraday IWM levels, which is the Russell, onto rty.

[01:16:33.24] - Speaker 1
Simply tick the box, select the, the ratio there and then we can go on to rty. And then now you also have.

[01:16:47.10] - Speaker 1
Our intraday gamma levels coming from iwm. So again, very, very strong reaction. You see that we touched the one the minimum on iwm. And then this can this cause like a bounce to the upside. So in a very, very few seconds, few moments a day, you can actually get really active, can prepare your setup.

[01:17:08.07] - Speaker 1
And again, this is very, very important.

[01:17:17.13] - Speaker 1
All right, so I'm gonna start looking at questions. Let me go up. There's a lot of questions we're gonna go try.

[01:17:28.28] - Speaker 1
Okay.

[01:17:45.29] - Speaker 1
Okay. This is a very good question from Avram. I think this is very important. Thank you for the question. So how do you define if a put or call is short or long in order to determine its direction and gamma?

[01:17:58.26] - Speaker 1
So the answer, Avron, is that we have built a proprietary model. And again, we're not going to be able to go into the details of the calculation, but the idea of the model is to be able to predict whether market makers are short or long options so that then we can calculate gum exposure to be as accurate as possible. There's, there's not like an easy answer to this because the book of market makers is not the public available information. So our models are using different assumptions that we build. And we are also gonna integrate more when we go into our flow development.

[01:18:37.18] - Speaker 1
We're gonna, we're working on our flow flow models that will be released in the next few months. So the idea is really to look at different assumptions from the data to be able to forecast whether a market maker is long or short option.

[01:18:55.25] - Speaker 1
Okay.

[01:19:00.14] - Speaker 1
Okay, so we answered this. We. So for futures we have end of the levels, but you can also use the intraday updates. So you can actually use QQQ NDX intraday levels.

[01:19:24.21] - Speaker 1
Okay, sorry guys, let me read the question.

[01:19:31.27] - Speaker 1
Do you offer NetJax chart based on weekly or monthly time frame and also for stocks? Yes, we, we do. So what we have within our, our dashboard is we have what we call NET JAX all expiration, which is the first chart that we, we showed you. But we also have our NET JAX multi expiration chart. What this chart is showing us on the top left is the zero DTS flow.

[01:20:00.05] - Speaker 1
Then we have our one dte. So one day to expiration or the next weekly for stock. So in this case this was be would be the weekly one, the next weekly and then we have the two expiration with the highest gamma. So normally this typically have the monthly expiration, but you can see them here as well.

[01:20:31.25] - Speaker 1
Okay guys, so we have a lot of questions.

[01:20:52.03] - Speaker 1
Okay, let's go into this one. In one presentation, you said one day max success 85%.

[01:21:03.26] - Speaker 1
What does that mean? So yes, let Me put those slides back. Let me find them.

[01:21:22.14] - Speaker 1
Okay, so this is the slide that we had before. The success rate means that if we give you the data today, so if we look at our end of day data from today for tomorrow, so we provide the one day max and one day minimum for the next day at 6pm we also recalculate the one day max and one day Minimum at the open. So for our intraday snapshot we also recalculate the one the max and one the minimum because we want to account for aftermarket moves. So you can actually use both the intraday data and end of day. But this backtest is done using the end of day.

[01:22:02.20] - Speaker 1
And what that means is that if you know what the move for tomorrow will be, does the price tomorrow close above or below the one the max and if it closes below, then that for us is a success. So that means that in four years of data on 85 of the day the the price the next day closed below the one the max on 87 of the days, 87.62 closed above the one day minimum. Again, why is that important? Because you can use that as your target. You could also use that for reverse rarer.

[01:22:38.01] - Speaker 1
You could use that playing options. So if you use options, 0d is you can actually use that data as well to kind of like risk manager trade. And so yeah, very, very important data point to have.

[01:22:59.28] - Speaker 1
We are working on crypto intraday. I don't know if they're going to be available in August. August is typically a slow month, but we are working on it.

[01:23:17.23] - Speaker 1
Question, Daniel. So in tick place the level will update in the same way. So if you're using the intraday levels, they will update 14 times per day. If you're just using the futures level, they will update once per day.

[01:23:45.15] - Speaker 1
All right. Another, before we actually go, I know this has been a long, a long presentation. I want to also show you the importance of intraday data and the importance of intraday moves. So what we saw in, in the chart here is really the plotting of the levels coming from our intraday models. But actually let's go into our dashboard and let's look at the intraday data.

[01:24:09.06] - Speaker 1
So if you go under indices and stock here and you go under intraday, we can actually look at the intraday data for indices, ETFs, stocks, etc. So what we see here is we see different charts. So the first thing is the intraday snapshot of our net jax all expiration for spx. And as you can see we do have nine. What we call runs.

[01:24:35.02] - Speaker 1
So these are like the model already updated nine times today. We can also go back and replay the whole day going back from 11, 10:30, 10:00am, 9:35, etc. Right. So you can see how the JAX changes throughout the day. Very, very important.

[01:24:53.11] - Speaker 1
You can also look at Zero DTE's netjacks. So you can also see how the Zero DTES flow updates throughout the day intraday, 14 times per day. Right. So you can replay that. The other important is really actually our what we call JAX difference from either the end of day or the previous snapshot.

[01:25:17.26] - Speaker 1
So let's, let's look at why this is important. Right? So let's go at the beginning of the day. And this is why gamma is so important for any trader. So again, let's open up our SPX chart here.

[01:25:34.11] - Speaker 1
All right, Let's look at that level. So we open the day to the upside. Obviously, there's been a lot of news happening in the last couple of days. So we have opened a day to the upside right here. We see that at the open.

[01:25:54.23] - Speaker 1
So this is the change from 9:35 at the Open to the previous day close, which is really our 745 with the updated open interest. So we see a lot of positive gamma coming in. Now if we go back to 10, we start seeing a lot of negative gamma piling up all the way to 1030, 11, 1130. And then suddenly we see a change. So let's look at what's happening in the chart.

[01:26:22.14] - Speaker 1
Right, so we see from 10, we. We see a lot of negative gamma coming in drop. And then at around 11ish, 1140, we now see kind of like the price kind of stole there. So this can also be very, very important because it can help you understand how things change. And then we saw positive, negative, positive.

[01:26:46.10] - Speaker 1
And this is what this kind of big move was. And now we're back kind of in, in this area. So we're gonna wait for the next snapshot. But again, you can use these tools to spot potential reversals. We also have our liquidity summary, which is very, very important.

[01:27:05.24] - Speaker 1
We have users who are building models on the back of that. What this tells me is very, very important. First, are we in a positive or negative gamma intraday? Are we changing from positive to negative? How has the net jacks and DAX changed compared to the previous day?

[01:27:25.24] - Speaker 1
How is the volume? Are we in more of a bullish or bearish volume? Are we seeing more calls or more puts? And how is the volume change? What are the top five volume strikes that we see and what is the volume there and then have the primary levels change.

[01:27:42.22] - Speaker 1
So are we is the core resistance change or as. As it been the same compared to the previous day, as the 0dt is core resistant change compared to the previous day etc. And then what are the top jack strike changes? So where have we seen the most change in terms of gamma at which strike? So again this can really tell you a lot on what's going on throughout the day.

[01:28:11.24] - Speaker 1
And again you can actually replay the whole day right here simply by going back and forth with the arrows.

[01:28:31.00] - Speaker 1
I'm also going to mention how can you spot? There was a question before on how can you spot or can we receive alerts? I think one of the user asked if we can receive alerts. So we are working on alerting tools. We are also going to release an indicator on TradingView with alerting capabilities throughout the day.

[01:28:50.16] - Speaker 1
But essentially we also have screeners. So let's imagine that you wanted to trade one of these levels. You can actually come to our screeners right here. This is our core resistance screener. This can show you basically assets that are approaching our core resistance.

[01:29:08.18] - Speaker 1
So we have Q. Q. Q. Here for example, very interest.

[01:29:18.23] - Speaker 1
So as of yesterday the price was kind of like I think was approaching the core resistance. So you can see here we also have put support screener, high level screener. So you can kind of like also find interesting assets based on this data. This is end of day, it updates once, once per day. But we are working on intraday data as well.

[01:29:44.16] - Speaker 1
There's a question, do you offer other integrations other than trainview like direct API? So the answer is yes. So we do have 10 plus different integrations. So you can see them right here. All of these are integrated VI API.

[01:30:03.05] - Speaker 1
So if you look at Ninja, Quantower, ATAS, Sierra, BookMap, Motiv, Wave, Tick, Blaze and Transpider, they're all integrated via API. So you can actually get the data directly into the platform. So the answer is yes, absolutely.

[01:30:40.13] - Speaker 1
Andres, regarding the Q score, we are going to have an in depth session next week. So stay tuned because we are, we're going to focus on Q Score next week on our product sessions. We actually have two product session next week, one on swing models and one on Q Score. So we're going to focus on that next week.

[01:31:06.25] - Speaker 1
All right, so I think guys, we are at the end, we are 1 hour and 30 minutes. So thank you guys for being here with us. So first, if you want to send us any questions that we didn't answer during the call, please send us an email infoentorq.com we're gonna answer every every question. Also very important, we do have weekly live events that are available for all members. For for those who are in Europe, you can actually connect at 9am European time with our traders.

[01:31:45.12] - Speaker 1
We're gonna go live in the European market. You can also connect live at 8am with our pre New York pre Market playbook and then you can also connect live at 2pm Those sessions are available for all members. So all you need to do is simply create a free account and then you'll be able to access our Zoom event and our Zoom meeting. If you guys want to join our premium platform and access our premium features, you can also use our live 25 coupon. We have 25 coupons available for today.

[01:32:20.17] - Speaker 1
So if you guys want to join, please go to our pricing page and apply the coupon at the end and then you, you get like a nice 25 discount. But please, for those who want to learn how to use the levels, you'll be able to interact with our traders, especially Patrick who has 20 plus years experience. And this is available for everyone. So just simply create an account first. You can access all our academy and resources and then you'll be able to access those events.

[01:32:48.13] - Speaker 1
So please, this is a very good opportunity for you guys if you want to learn how to use the data as well.

[01:33:00.11] - Speaker 1
All right.

[01:33:06.08] - Speaker 1
All right. If you guys don't have any questions, please. Thank you so much for being here with us. We took it a little bit longer than the usual. We were here for an hour and a half, but I think it was very important to show you how to use the data.

[01:33:21.15] - Speaker 1
So we're going to create also some new videos within the Academy. We're going to share the slides as well within the academy. So create a free account. You'll get access to those as well. Thank you so much guys and have a great rest of the week.