Guides
In-depth guides on volatility and positioning, written by a derivatives desk.
The Volatility Surface Explained
The single most informative chart a volatility trader looks at is not price. It is the volatility surface, the full map of implied volatility across every strike and ever…
0DTE Options Explained
Zero-days-to-expiration options went from a niche to the single most-traded product on the S&P 500 in the space of a couple of years. They expire the same day they trade,…
IV Rank vs IV Percentile
Every premium seller lives by one question: are options rich or cheap right now? A raw implied volatility number cannot answer it, because 30 is high for one stock and lo…
Options Skew Explained
If you price every strike with the same volatility, you will misprice almost everything. Real options markets charge different implied volatilities for different strikes,…
Gamma Exposure (GEX) Explained
Gamma exposure is the hidden mechanical force behind a large share of modern intraday equity moves. It is not a forecast of direction. It is a map of what options dealers…