Gamma
Posts about gamma exposure, gamma flips, dealer positioning, and gamma scalping.
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Why 0DTE volumes went through the roof
I think a lot of people arrived at 0DTE from the same doorway I did.
Follow-up on Saturday's SMH note
SMH broke out on Monday
You don't need GEX data
You don't actually need a GEX data feed to know you're probably in a long-gamma market.
Trust the tape, not the number
If dealers were really short $10 billion of gamma here, a bad day in the S&P would be down 1.5% or more.
An honest one from Friday
An honest one today.
The short call roll is a Greek swap
Someone asked me this week whether they should roll a short call that had gone against them on a rally
Inside the head of one of the biggest 0DTE traders I know
Mark Anderson trades one of the largest 0DTE books I know of
The call ratio trap: bullish view, short-vol trade
Here's a trap that catches people all the time.
Why real money buys 0DTE
Big real-money asset managers buy 0DTE options
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
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 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.
Vol catching a bid on META's rally is the tell
Vol is catching a bid on the way up.
Why tech vol isn't going back to old baselines
Every day into the close, there's a mechanical flow running through the tape.
The invisible gamma driving these parabolic moves
A market-structure read on why these parabolic moves are getting more violent.
The mindset shift that makes options click
A mindset shift that changes how you think about trading options.
Why "good earnings" stocks often dump the next day
VANNA works in opposite directions for the index versus single stocks. Same mechanic. Mirrored positioning. Opposite outcomes.
One of the most reliable post-earnings setups
Setup: a stock is rallying into earnings. Skew shifts hard toward calls. Implied vol on upside strikes is bid. Retail and momentum funds are piling into upside calls.
Three conditions before I sell premium
Implied vol sitting above realized vol. Variance premium right there for the taking. Simple, right?
The signal hiding inside implied vol
Stock hits a new high. You think it's bullish. But what's implied vol doing?