HIRO by SpotGamma Live on Bloomberg: Features Webinar + Live Market Analysis

0:00 the Hero app and specifically the Hero app inside of Bloomberg. It's a new tool that we just launched two weeks ago. We've had a lot of tremendous uh early feedback from users on that application and now we are going to uh dive into that app, explain not only how you use the Bloomberg app specifically, but also what we're seeing in Hero. So, after a brief presentation about Hero, some of the settings, etc., we're also going to bring up Hero Live, talk about the flows today. obviously uh with yield surging higher. We had the 10-year touch I believe uh uh excuse me 4.9% at one point um and that is pressuring equities and there's a lot of interesting hero flow that is related to that. So again we're going to uh dive in now touch on the presentation and then we can also handle any questions that you have uh you can put them in the chat feature and I will make

0:45 sure to uh answer those questions. Okay, so let's turn first to our presentation here on the Hero app. Again, um this is available in your Bloomberg system. We'll talk about how you can get access. Start at the top. What is Hero? Hero stands for the hedging impact of real time options. Specifically, what HERO is meant to do is reveal in real time when and where options flows are most impactful to the underlying stock. We're all aware that options flows now and options volumes are at record highs. Those records continue to increase. Uh we had meme mania over the years. Now we have zero DTE options that are driving things. Uh the options market continues to grow and if you believe that dealers and market makers have to hedge their options flows, uh then that translates to underlying options volume. So this is

1:32 not only about hopefully predicting where stocks are going to move because of options flows, but we can also explain movement that's taken place because of options flows. And if you understand what's moving a stock or what has moved a stock, you may be able to better interact or play mean reversion uh and initiate new types of trade setups going forward. The other thing that's important about this is that if you are a broker uh or if you cover a a healthc care pad, different things like that, you now understand when options are driving a stock, right? Before it be, hey, is there news? Um you know, what else is driving the stock? Maybe your portfolio manager is coming over and be like, what is going on in, you know, uh XBI today? and you can look and see okay now I know options are a player in here or options are not that's one of the great things uh that hero um unveils and and we'll touch on that uh shortly

2:19 so again the key is happening you know what is happening right now and when and where this options activity is important and the way that we specifically are measuring these flows when you open up your hero application is that it is a delta based signal meaning we are estimating in the hero application the dollar delta notional so how much dollar-wise might has have to be bought in the stock uh bought or sold in the stock ETF or index as a result of these options flows. So very quickly, how does this work? We consume the raw options trade data. This is called the OPRA feed. We pull that into our proprietary logic. We're not only looking at where the trade took place in terms of bids and offers, but also what type of exchange mechanism is being used to print this trade, right? uh looking in under the

3:05 covers to understand why something is trading, how it's trading, who might be the counterparty, and then we adjust our logic accordingly. After we sort of process that raw trade information, it's displayed onto the hero app for you to look at. So, this is not the type of situation where you just have to stare at prints taking place and attempt to sort of do the mental gymnastics of gauging whether this trade means something. Does it matter? Is it impacting the stock? What's happening? We put all this flow into context for you. And that's one of the powerful pieces of uh the hero application. Okay, so let's touch on how basically these uh hedging flows work. Most of you are probably familiar with this, but this is kind of the general uh understanding you should have when you're looking at hero. Number one, if the trader buys a call or

3:50 sells a call, there are these underlying activities, for example, that have to likely take place from the dealer or marketmaking perspective. And the key to this thing that we want to flag here is that when a trader either buys a call or sells a put, the underlying dealer hedge is to buy the underlying stock because that is what uh the delta would explain to us. Now we don't think it's a onetoone measurement, right? Every single little option that sold requires a hedge. But when the exposure builds up to be large enough, right, it spills over and then invokes this hedging flow that's required. That's one of the key things to think about. But in general the highle overview call buying put selling results in buying stock and you'll see the hero indicator rise when we detect call buying or put selling. Conversely on a day like today through

4:36 most of the morning you would see that markets are under pressure. You may see a little bit more of call selling and put buying which means that dealers and market makers may have to sell futures, sell stock and that could pressure markets lower. Uh some of these flows are very fast. They you know initiate very quickly. particular we see this before 11:00 a.m. in the morning where a Russia call buyers come will come in if news hits or something like that. Uh and then there's this other idea of maybe trend where over the day maybe a large institution is selling calls against a stock that they think is going to get weaker. For example, we've seen a lot of that in the financials XLU uh REITs those kinds of things over the last couple of days have seen significant options flows uh negative flows from put buying and the like as yields have increased. So, this is what your dashboard looks like. If you're familiar with the Hero

5:23 app on spotgamma.com, it looks pretty familiar, but there are some key differences um that we will point out to you as to uh the difference between the hero app on our website and also the application on Bloomberg. Um what you see here is a chart of the hero uh as long as well as the stock. So, when purple and red here is the actual hero indication. So if this is from before that it means that these stocks were looking at the S&P 500. It's under the pressure of call sellers and put buyers. If this purple line was trend higher it would be the opposite. Call buyers are active and put sellers. And then here in white we have the S&P 500. Down below is a gauge that will very quickly explain to you. We monitor all stocks, right? There's roughly 3500 to 4,000 depending uh on the time that you look. Uh there

6:10 are roughly 4,000 listed instruments in the US options market. We monitor all of those for you. That's one of the key differences in Bloomberg. Not only are we telling you the uh the current price and the sector, etc., but you'll notice this hero signal. The hero signal tells you relative to the high and low of the last 30 days. Our our signal low and high of the last 30 days. What does the flow look like today, right? So, it helps you to put flow in context. You also notice here on the right is a trending indicator. Again, what names are seeing high options activity right now that you may want to pay attention to? And then we give you a couple of summary stats up here on the right. So that's essentially the layout of the dashboard and we can dig into some of these components uh here momentarily. Another key thing that we want to note, one big difference with Hero on the Bloomberg app is that it is in real time. There is no lag on the website. There's a 5 to second uh 5 to 10 second

6:57 delay uh for when the uh uh the trades show or print and then show up on your screen. Uh so Bloomberg does have that real-time functionality which is critical. Okay. So, not only can when you bring up your hero application, you're seeing what we say is raw total deltas. So, this purple line here is the sum of all trades, all expirations for the given instrument. Whether you're looking at the S&P uh 500 or say Apple or Tesla, we're showing you all trades. What we do is we allow you to break this flow down in a variety of different ways. And this is what the configuration box shows you. And I want to show you this so you get an idea of some of the things you can do in Hero. If you hit this little threelined icon here, you'll open up this config window. And what you can see here is you are you have the ability to

7:43 break trades out by things like put and call. So the hero line will break out into two uh separate indicators. One that shows you only put flow and one that shows you only call flow. You also have a retail option. So we look at exactly how things are trading and to determine if it's likely a retail trade. We have an indicator that's only made up of retail flow. This was particularly important back in the days of mean mini as you can imagine. uh whereas now the focus is on zero DTE. So if you check this box, you can see only flow that's tied to the next available expiration in the product you're watching. So for the S&P and the Q's and things like that, that is today's expiration. Whereas for Tesla or Apple, we're looking at the Friday expiration, right? Because that's the next available expiration. You also have the ability to look back historically over the last uh 10 days, I believe it is, uh to see what Flow did

8:29 in the past. So if you want to see, hey, what did Hero do yesterday? What did it look like? You can load that up on your chart uh and check that off. We also have the ability to show and hide alerts include extended hours. So the S&P 500 starts trading at 2 am. You could show that information or you can uh hide it or suppress it. Uh we also give you the ability to see spot gamma levels. So here you can see the key gamma strike. Uh we have all of our proprietary levels not only for single stocks but also for the indices. Those show up on charts so you can turn those on or off. Uh we also have tool tips and different little configurations you can you can adjust. The last thing I want to note and this is another major difference between the web app and the Bloomberg app is this absolute delta indicator. I'm going to talk about that momentarily but you can see it along here. It's along the x-axis. It shows up as kind of a gray

9:15 bars or histograms. And what that is showing you is the real time absolute delta from any any print that trade takes place. So one of the things that's key to note about hero that I mentioned before is we are looking at the way that everything taking place and as a result there's some trades that take place that we don't show you in the hero indicator and I'll give you an example. One is crosses. If a big cross takes place on particular SIBO, we don't show that on the hero indicator because it's likely that that trade was either prehedged or it could be from one customer to another customer or it's printed at a price that makes it very difficult to ascertain whether the trade was bought or sold by the customer and needs to be hedged uh appropriately by the counterparty. Right? So to avoid giving you bad information, this is the age of disinformation, right? We want to avoid

10:02 doing that. So, you do not see it on the hero indicator because it can add a lot of noise, but you do now see it in this gray bar or this kind of bar chart along the bottom. So, you will see a big gray spike. If a big cross takes place like the JP Morgan collar last week, you will see that show up on your chart. You could say, "Hey, I know a big trade took place." Likely looks like a cross or oftentimes spreads and I can go investigate uh using the Bloomberg Oman screen or some other features to figure out exactly what traded if that's important to me. uh but now you are seeing uh on your screen again one of the key developments here a clear indication of something is taking place. Uh the alternative there is we can show you the net hero value which means that you are seeing a summation of uh the flow that we see whether we see a lot of buying or selling. Um so you can break that down. So again the key point here is you are now watching this visual

10:48 representation of essentially everything that is taking place in the options market and we are translating that raw data to you so you understand whether uh this flow is impactful or not. So let's talk quickly about zero DTE because that gets so much attention. Uh here I mentioned that if you flick this little button here the next expiration it brings up the zero DTE flow. And so if you were to do that on your chart this is what it looks like. You can see in teal here and this is the flow from yesterday. You can see in here is just flow from zero DTE and that is compared against flow from all options expirations. And what we generally note here just to give a couple of insights is that the spread between these two is often important and that tells us what percentage of flow is zero DTE for today. Um and not only for today but there are moments in time where it

11:34 matters particularly in the end of the day we may see zero DT flow pick up or settle down. We also think that when you drill into this and you add in the put calls, you can start to get a feeling for where zero DTE flows uh were initiated, right? And whether maybe call buyers or sellers are trapped. For example, today is an interesting one as there was a lot of call buying this morning. And so if the market starts to rally a little bit, we know that there was a lot of call buyers layered in uh earlier in the day and that could uh create an upside kind of gamma rush right into the close despite the fact that we were uh rather weak throughout the morning session. We can talk about that uh concept uh momentarily. Another thing that you will find and this is a brand new feature that we just launched two weeks ago is our flow alerts. Now what the flow alerts do you

12:21 can see the onchart indicator here in yellow. The flow alert tells you when we have c uh detected options flow that is significant to the underlying stock. So what we're doing here is we are monitoring on a stock by stock basis the options flow that occurs for a given name and we have determined thresholds for which we think uh that is impactful to the underlying that is meant to have impact or drive the price of the underlying stock. We have some stats on this I'll touch on at the end, but know that if this alert goes off, you can assume that what is taking place right now is significant to the underlying stock. So in this case, we had Netflix. This is just from this morning. You can see there's a rush of call buying and put selling coming in uh to the morning. And this flicked off or turned at just

13:07 before 10:00 as you can see on your X-axis. And then when the purple line here goes flat, that tells you that that call buying has shut off, right? that flow has reduced or shut off. And accordingly, what we've seen, what our stats show is when you have a lot of flow, options flow, and it's enough to move the name and then that flow stops or retreats, the stock tends to mean revert. And you can see that was exactly the case here, right? A lot of call buying and put selling to start. As soon as we hit this just under 400 uh area in Netflix, which is our call wall and our key gamma strike, that flow stops and reverses and then suddenly the stock retreats as well. And we see this occur time and time again where there's a rush of options flow. It moves a name and then the flow fades and the stock mean reverts. Let's talk about some of those other

13:53 onchart indicators. I've touched on a few of them, but just to reiterate this, we have our flow indicators, which is an onchart indicator. We have the large trade indicator, which I just talked about in the settings. You can see here uh in this case, this is DraftKings. DraftKings broke our put wall as you can see here very briefly. And then what happened when it broke that level? There was a tremendous amount and this is just from yesterday. There was a tremendous amount of call buying and or put selling that spiked. Uh and with that our flow indicator goes off and you see uh the stock rally and recover. And again these onchart indicating uh indicator levels are from uh our spot gamma website analysis where you can look into the equity hub and see all key levels, call walls, put walls, things like that. Major support and resistance lines uh for over 3,000. and I think we're at

14:38 3,500 different stocks. Uh and so all that uh available, those indications are all available um on your chart. Now, one of the other things to note, obviously this was from yesterday, we're typically seeing around uh 75 to 100 uh different signals uh different flow alerts um on chart. So, we're again we're not trying to inundate you with messages here. We're only trying to tell you when something of of substance has taken place. So, let's talk about before I break from the presentation and bring up the app, let's talk about how you can start a trial of your Hero Indicator. All you're going to do is hit apps spot gamma go and that brings you up to this page. Once you do that, you hit run app and that starts a two-eek free trial of the hero application. There's no cost

15:25 associated with it. At the end of two weeks, you will be build that will be uh attached to your Bloomberg bill. So there's no kind of other commitments you have to make, forms you need to sign, anything like that. It's all handled. All that billing process, the the uh sign up process, the the cancel process, why you'd want to cancel, I don't know, but in case you did, the convenience of that is all baked right into the app. So it's very easy to test this out. Um, and that was something that was very important to us as we uh launched the application. Okay, let's talk very very briefly about the alerts. We get a lot of questions on these and so I want to touch on this and then we'll bring up the app again. How do you know when the options flow matters or is significant? One of the things we did here is we built the flow alert. So what specifically is flow? As I mentioned before, it's a propriety

16:10 algorithm that measure monitors the size of the options activity relative to the underlying stock. This is not a blanket monitor. It it looks at every single stock individually. One of the things that I did uh when I worked for several banks in the past was I worked on flow algoes uh and I understood the e algorithmic execution things like VWAP and different things like that and so I understood what drove a stock right how much volume is required to buy a stock uh to move a stock excuse me and so using that uh understanding we implemented some of that logic some of those tools that uh you may understand if you've ever looked at sort of how much market impact you'd have Right? That's some of the logic that we baked into this flow algorithm. And so when we've determined that there's a

16:56 significant amount of options flow, we flag it for you on chart. What do the studies show about our onchart indicators? Uh apologies for this red box is a little bit off. Uh but if you look at the flow all day, and we have an entire presentation about this. If you go to spotgama.com, uh we can send you the entire presentation. The summary is is that before roughly really 11 o'clock but we marked it at 1:00 there's a transition in different types of flows and I can talk about this if there's questions about it but essentially when you look at the median P&L in basis points uh of our flow alert what you see is that 35% of the time we show what's called a positive median return. What that means is that if you were in this case the flow alert went off and the indicator is going up. If you were to buy the stock, 39%, excuse

17:43 me, 35% of the time, uh, the stock would continue to go up. 65% of the time, you get mean reversion. And that was what I flagged earlier in our real time example of, uh, Netflix. And we break down in our hero presentation, our flow presentation, some of the ways that you can identify what a trade is about to do. Uh, but one of the things I want to show you about this is that if you look at the flow alert before 1:00 pm Eastern time, we see that 70% of the time when the flow alert goes off, the stock mean reverts. So if it was a negative flow alert, in other words, there was a lot of put buying or call selling and hero signal is going down. When you get a flow alert, 70% of the time, the stock mean reverts. And that's what happens before 1 pm. After 1 pm, you could see uh the results flatten out a little bit

18:29 and that's because the flow has built up over the day. Uh and so the reaction to the market is a little bit different. This is something we really break down. It's outside the context of this presentation, but we really break this down in a presentation we did two weeks ago. So the key is that I the takeaway that I want uh you all to have here is when you see the flow alert, we generally say think about fading the flow. And there's a timing aspect of this as well, right? What you really want to do is watch for uh the flow to shut off before you fade. Right? So in this case in Netflix, you can see the flow build up. This flow clearly shut off. Right? Whoever that call buyer was has ceased and desisted. And once that flow stops, you see that mean reversion come in. Okay. So with that, we're going to give a brief pause as I switch over to uh the Bloomberg application. If you do have

19:15 questions again, I will be scrolling through the chat and I will be happy to uh discuss anything that we uh any questions that you may have. Okay, so uh here is the Bloomberg application. Uh as you know this is live and uh sorry I just got to bring up a here. So what we are looking at here is Netflix. What I want to do is I actually want to switch to the S&P 500 because I think this is one of the places where the flows are most interesting. Now, one of the unique things that we do here, uh, we're one of the first to, uh, launch this type of analysis, um, is we include an S&P 500 complex signal. So, by default, when you're looking at the S&P 500, what you're seeing is the combined flow from the S&P index, the

20:01 Spyder ETF, XXPS, which is the mini S&P, and then also the ESF. This is a huge component. Uh it took us a long time to acquire the license to be able to redistribute this uh the ESC mini flow. So it's something that you don't see often. So what that really does is we're looking at the entire S&P 500 complex to get a feeling or depiction of what is taking place. Now, what's interesting in terms of what the market activity was today, and we were talking about this uh on our Discord chat with with some of our members, is that the market opened very weak this morning as uh as we saw yield spike higher. And when we hit this level, this 4240 area, the 4250 area, this coincided with uh the one day

20:46 implied move, the lower bound. Uh but the way that the options market responded to this and oftentimes we say hey you know the um the hero flow should be a leading indicator. What we saw in this case, as you can see here, is you go, "Wait a minute, Brent, the indicator was very positive over the day." And I say, "Yes, it was." And what was so interesting is if you read the room, the Discord, Twitter, everything, everybody thought that we were poised for, right? This is going to be that kind of 1.5% intraday, 2% intraday, you know, cratering, that plunge, so to speak, um, that we've all been waiting for that really hasn't materialized. And so what you see here is that when the market comes down into these key levels, there is episodic, I call it kind of call buying and that pushes uh this hero indicator higher.

21:31 Not only that, it's meaningful orderflow. You can see here we hit 5 billion at one point. If you look at the 30-day range and this is end of day close, we're generally at negative 4 billion to positive 4 billion of net deltas is what the maximum range is. And so if I break this down a little bit more, the key kind of takeaway from this, and I want to show it in a couple of different ways, is that this decline was met by call buying in the S&P 500. Now, as institutional traders, you all understand that flow can be driven by different entities for different reasons. But what I would say is that if the market was really concerned about uh sharper continued downfalls, you likely would have seen put buying increase. And this put line which is in blue remained very flat throughout the day and you do

22:18 indeed see call buying uh into the face of this weakness and the market really held the support. Again our one day implied move the bottom of that range was 4233 today. Uh we held that level just as the VIX was hitting 20 and so far we've bounced. Right? We're still not having a a sharp uh you know extended rally yet, but I did mention before that if you looked at the zero DTE flows, you could make the case that we could see a decent rally into the close. Now, why did I make that assessment? Uh in this case here, when I added the put and call indicator for the next expiration, what you can see is that zero DTE calls are shown in green and zero DT puts are shown in blue, uh light blue, right? So again, if there was big zerod put selling, you would see

23:03 the purple line go up. If they're really buying puts, you'd see that purple line really extend down. But we don't see that. What we do see is instead a pretty decent amount of zerodt call buying uh as well as call buying from longerdated expirations. Now you may say, is this flow from hedggers? In other words, if my if I own a bunch of puts and puts came down sharply and I wanted to sort of hedge some of that gamma, I could buy some zero DTE calls or some longerdated calls to adjust my portfolio. Maybe if I was short a bunch of futures, I buy some calls at a hedge. Some different things like that. And one of the interesting things that we were looking at and talking about with our members is that if you break the flow down a little bit farther uh further, it gives you some look under the covers of of maybe what's happening in respect to this hedging flow. Um so again, this is if I just kind of sum this up again, what you can

23:48 see is that there was a big response from all longerdated call buyers into this weakness with zero DT still being a net positive delta on the day. So if you consider that there are a lot of call buyers who have layered in earlier and if the market starts to rally, we know that the call buyers who are all buying in here, those calls are going to gain in value if the market starts to rally, which means we could get a pretty decent response, right? Um into the close if the market starts to rally. Um I mentioned uh before about looking at ESF order flow versus say SPX. So this is the flow from the ES minis only. This is not from all of the expiration uh excuse me all the S&P products and you can see on the day positive 1.4 four billion of deltas on the day. Now, if you compare that and this is quite interesting and I think a lot of you institutional traders

24:34 may be able to glean something from this. Look at the flow from the S&P and it's much different, right? You can see into the morning there was a lot of put buying in the S&P and I say that because the indicator is sharply down here. We hit uh roughly, you know, if you mark the top of this, we're at positive 300 million of dollar deltas here on the right Y-axis. Uh and we ended up down to about negative 500 million. So that's close to a billion dollars of net negative deltas from SPX, right? Pushing the market lower. And that flow shut off right around the European close. You can see again right around this 4233 level that flow really shut off as our indicators uh started to go sideways. So those put buyers in the afternoon haven't really stepped up yet. Doesn't mean that they can't at some point here and we'd be looking for put buying as a signal that uh markets will weaken. And

25:19 then when you compare that S&P flow versus the spiders, you can see that spiders is also very positive on the day as well. Right? The purple line is extremely positive. This is where most of our positive deltas are being uh generated. And if you break this down a little bit further just by putting calls to get an idea, you can see again people were buying spider calls throughout the morning along with a little bit of put selling. So there's a stark difference here between what's happening the spiders in the ESF which both uh kind of allow you to trade that underlying, right? There's a there's a you can get long futures, you can get long spiders, you can't get long S&P. And so it's very interesting to me kind of the complexion uh of that order flow uh and how different it is. One of the other things to note here as I kind of continue to to push through this presentation here, we have only about five minutes left is our hero flow

26:05 alert. So this red icon lights up when you have a flow alert. It's funny Netflix we mentioned before. We can just click and see what's happening there. So you can see uh earlier in the day was call buying that drove uh this indicator higher and then at that high we saw call selling and put buying uh pushed the stock down. Uh we then saw another round of call buying here later in the day and that looks like it's kind of uh reverted. And so again, this idea of mean reversion is at play as this flow indicator mean reverts. This flow indicator mean reverts meaning that when the flow indicator goes off based on positive delta, the stock ultimately goes lower. And now we're seeing a bearish uh indicator here in which case we may see the stock rally uh based on our statistics. Although it is after uh one o'clock. Again, check the presentation for more information on

26:51 that. We noted on Twitter as well as our morning notes that one of the other things you can take away from these flow alerts is that you'll see a clustering of flow alerts in uh different products. So last week we noted that we saw a lot of uh flow alerts in the fangs. There was actually negative delta flow oftent times in those fangs or the mega kind of magnificent 7. uh yesterday what we saw was heavy put buying in the rate sensitive stuff hygi uh is flow from KRE this triggered a flow alert and what you can see here is how sharp this indicator goes up this tells us that there's likely big block buyers in here uh or big block sweepers this is some type of institutional trade ostensively putting on a positive delta trade so if we want to see a little bit

27:36 more about that we just click put and call and we can see it looks like somebody sold a pretty big chunk of puts Here you can see the bottom indicator uh showing us that there was a pretty big delta, roughly uh $20 million of delta on this trade as you can see on the x-axis here. So that's a sizable institutional trade. Someone possibly expressing the idea that maybe uh this downside in in banks may be overdone or monetizing puts that they were long. Um we can also scroll through the list here uh and check out some of the other flow alerts. TLT another obviously rate sensitive play. Um, clearly as we hit this 85 put wall level, right on this put wall level, we see an explosion in positive deltas. And you'll note this indicator is a little what I'd say uh

28:23 the configuration or the way this displays is different, right? These aren't just block trades. This reads more like a lot of sweeps, right? A lot of smaller orders that comprise u of this kind of rally, so to speak, in TLT. And if we show this up on the screen, break it down by puts and calls. Uh we can uh show you exactly one second here. Uh show you exactly uh what broke down the way that this breaks down. Let me just click off the I lost connectivity overall here on my Bloomberry application. Uh are you all still with me or did I lose connectivity?

29:08 appears that I possibly lost a little bit of connectivity here all all over here. Um, so apologies for that. Let me uh bring the indicator and my share screen back up. I'm having a local computer issue apparently. Not not the greatest uh time for that. All right, there we go. Thank you all for being so patient with me. Uh, I apologize for that. Okay, we are now back up here after I reset.

29:59 So we met spike here in TLT positive delta is obviously going to be a major low in TT given the higher rates and so uh if I just click put and call you can see that this is a combination of not only puts being sold but call buyers being initiated at this level. Uh if you look at Twitter for example on the macro set, people talk about the positive convexity of um you know these long bond positions which is drawing a lot of interest in TLT. And so the fact that somebody wants to come out here and we have roughly you know $60 million of order flow coming in off this 85 level again which is our put wall. Uh you can see very clearly that there's some a lot of big institutional interest starting right at that level and that is where uh the market also initially caught a bounce. Okay. Okay, so with that we are at the top of the half an hour that we have

30:45 allotted for the presentation here. Uh again we uh are very grateful for you to show up to this presentation. If you're interested in getting more information about hero or the flow alerts, send us an email info spotgam.com and we can send you a link to that presentation. And also if you do want to give that free uh get that free hero application trial, just go uh spot gam go to excuse me app spotgam go. I'll show you how to do that real quick. Apps, spot gamma go, and then just hit this run app and you get a twoe free guide. You can also have see the extensive, excuse me, extensive uh documentation we've done around all the different features that are available in the application. Uh and then we offer a lot of support on the application. There's a little contact box in the bottom so you can reach out to us and

31:32 get uh near real-time support. We uh generally will respond within the hour to any questions that you have. So again, thank you all very much for joining us today. Uh we look forward to seeing you on the Spot Gamma Hero app on Bloomberg. Um and uh can't wait to hear your feedback and your reviews. So, thank you all very much and uh