Beyond Gamma Exposure

Most desks read the gamma exposure (GEX) of dealers as if it were the only positioning signal that matters. It isn't. Five major dislocations between August 2024 and February 2026 — VIX crush, DeepSeek shock, tariff sell-off, silver flash collapse, dispersion regime — were invisible to GEX-only readers but obvious through a four-lens framework.

Beyond Gamma Exposure presents the four lenses the CrossVol desk uses every day: Gamma, Vega, Risk Reversal, and Term Structure & Physical. Each lens stands alone. Together they map the trade.

The four lenses:

1. Gamma Exposure, done right — flip zones, walls, charm decay, and what they can't tell you. GEX is one tool, not the tool.
2. Vega and the short-vol crowd — income funds, autocalls, ETP flows. The Vega map catches dislocations before they reach the tape.
3. Risk Reversal across assets — 25-delta skew as the cross-asset language of regime change. Equity / FX / Commodities decoded.
4. Term Structure & Physical — VIX curve, lease rates, inventories, calendar spreads. The slowest signal, and the most reliable.

Five dated war stories

Each of the five regime breaks since August 2024 is rebuilt through the four lenses, with the timestamped public X calls from the desk. Sizing, stop logic, theta budgets, vega caps.

What's inside:

• 9 chapters · 320 pages · 5 dated war stories · cross-asset confluence framework.
• Sizing & risk · the trader's daily journal · templates from the CrossVol desk's own workflow.

For volatility traders who want a non-narrative framework grounded in the cross-asset reality: GEX matters, but it's one of four lenses. The other three are where the real edge lives.

For options traders, semi-pro retail comfortable with Greeks, vol PMs hedging single-stock and index books, and quants who want a desk-grade integration of positioning signals.

ASIN B0H2QSF3X1