Insights
Daily market commentary from Imran Lakha. Skew, vol surfaces, hedging, and what's actually moving the tape.
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The two-timeframes problem options solve
The best argument for using options in a portfolio is that they let you hold two views at the same time
This earnings season was different
Why real money buys 0DTE
Big real-money asset managers buy 0DTE options
The multidimensional trap in options
Options are multidimensional. That's the part that trips most people up.
What the AAPL surface was telling me into earnings
AAPL has been on fire. The call wall has shifted up to 350, which tells you positioning has moved with the rally.
On the shopping list: October vol
My base case for the next few weeks is boring. Markets drift up into mid-August. The low-vol regime just carries on.
Why I ignore GEX-by-strike numbers
The metric I actually use for reading dealer gamma at each strike is net position size in contracts
The earnings calendar trap on retail platforms
The single biggest mistake I see on earnings calendar spreads makes a good trade look twice as good as it actually is.
Positioning size without liquidity context is noise
A flow is only as powerful as the liquidity that has to absorb it. People forget that when they read positioning data.
The best portfolio construction idea I ever borrowed
The best idea I ever borrowed on portfolio construction: you don't have to choose between being fully invested and being protected.
How I teach options
Quick note on how I teach options.
Google is the tell for the rest of Mag7
The semis just handed us a warning about tech earnings. Google is the next name to watch to see if it confirms.
One dealer position explains both VIX mechanics
The VIX usually bleeds into its expiry. When it does go, it goes violently. The same dealer positioning explains both.
The vol supply that never went away
A story from my market-making days that shapes how I still read index vol today.
The VIX is a one-way street
The VIX is the most one-sided book in the entire market. Once you see it, a lot of the VIX's odd behaviour starts to make sense.
Bitcoin's options are getting bullish ahead of the price
Bitcoin's options are quietly getting bullish before the price is. The signal sits in the skew.
Why Friday-Monday calendars are a trap
Something I've stopped doing recently: Friday-Monday calendar spreads.
The skew is one of the best early-warning systems
The volatility skew is one of the best early-warning systems in markets.
Why pros buy options that expire worthless
Crash protection puts lose 99% of the time. Pros still buy them.
Vol catching a bid on META's rally is the tell
Vol is catching a bid on the way up.