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Gamma profile by strike, as on the Gamma tab Gamma profile Strikes � GEX � dotted line = spot + Gamma  Gamma ABS GEX GEX Spot Put wall Call wall 620 640 650 Strikes

Gamma

What is gamma exposure (GEX)?

A plain look at dealer gamma exposure — what the chart is actually adding up, why call walls show up, and why this is a map, not a trade.

Read the note →
0DTE gamma pile versus a monthly gamma pile 0DTE is not a monthly Same GEX label. Different half-life. Schematic, not a live tape. 0DTE Monthlies One loud strike Dies at the close. Magnet today. Wider cluster, slower decay Can still be there tomorrow.

0DTE gamma and the expiry filter

What 0DTE gamma does to a GEX chart — same-day magnets versus monthlies, why “all expiries” is a smoothie, and how to use the expiry filter on the Gamma tab.

Call wall, gamma flip, and put wall versus spot Three GEX levels Schematic. Not a live tape, not an order. Call wall Heaviest call-side gamma, usually above spot. Often looks like a ceiling in a positive-gamma tape. Gamma flip Where net GEX changes sign. Regime line, not a buy stop. Also called zero-gamma level. Spot Put wall Heaviest put-side gamma, usually below. Can look like support until it is not. On a real chain the flip can sit above or below spot. The stack is not a promise.

Call wall, put wall, and gamma flip

What a call wall, put wall, and gamma flip actually are on a GEX chart — dealer hedging levels, not buy and sell orders.

GEX is a map. A gamma squeeze is an event. GEX vs a gamma squeeze Weather map versus the storm. Not a trade. GEX Gamma squeeze A positioning map by strike A price event, if it happens Regime: +Gamma / -Gamma Short-gamma hedge chasing a rally Call wall, put wall, gamma flip Needs a catalyst + a dense call pile Necessary weather for a squeeze is often negative gamma. Not enough. Most negative-GEX days are not a squeeze. Do not screenshot GME.

Gamma squeeze vs GEX

What a gamma squeeze actually is versus gamma exposure — a feedback loop versus a positioning map, and why negative GEX is not a squeeze by itself.

Open interest counts contracts. GEX estimates hedge shove. GEX vs open interest Same strikes. Different questions. Schematic, not a live quote. Open interest GEX How many contracts sit here. Max OI Call / Put / C+P. How hard those contracts shove the hedge as price moves.

GEX vs open interest

The difference between gamma exposure and open interest — contracts versus hedge shove, why Max OI and GEX disagree, and why both still belong on the chart.

Parts of a GEX chart: bars, ABS GEX, spot, and key levels How to read a GEX chart Schematic. Not a live tape, not an order. Spot Put wall Call wall Cyan = +Gamma. Red = -Gamma. Purple = ABS GEX. Dotted = spot. Seven key levels Max -Gamma ABS GEX Max OI Put Max OI Call Max +Gamma Max OI C+P Gamma flip Tap a row on the Gamma tab to read the sentence under it. OI is contracts. GEX is shove.

How to read a GEX chart

How to read a gamma exposure chart — bars, ABS GEX, spot, the seven key levels, and the four questions that actually matter.

How to read SPY GEX: flip, walls, 0DTE mix, seven levels Reading SPY GEX Evergreen map. Not today SPY levels. Not a trade. Spot Put wall Call wall Flip SPY/SPX/QQQ are the deep chains. Cartoon strikes, not a live print. Same four reads 1. Spot vs gamma flip 2. Nearest call / put wall 3. Shape of the pile 4. 0DTE vs all expiries Type SPY on Gamma. Pick dates. Delayed snapshot for guests. QQQ is the same animal, noisier. NVDA is not SPY.

How to read SPY GEX

How to read SPY gamma exposure — flip, call wall, put wall, 0DTE versus all expiries — an evergreen map for SPY, SPX, and QQQ, not today’s levels.

Max pain is an expiry toy. GEX is hedge shove now. Max pain vs GEX Two magnets, two clocks. Schematic, not a live quote. Max pain GEX Which strike hurts holders most if this expiry settled here Input: open interest + intrinsic No gamma. No hedge story. Loudest near expiry, one date A settlement toy. Not a bid. We do not plot it as a trade. How hard contracts shove the hedge as price ticks now Input: OI x gamma, a dealer guess Call wall, put wall, gamma flip Loud all day, mix of expiries A positioning map. Still not an order. They can sit near each other.

Max pain vs GEX

What max pain is versus gamma exposure — an expiry settlement toy versus hedge shove now, why they sit near each other, and why neither is an order.

Positive gamma versus negative gamma dealer hedge Positive vs negative gamma Usual dealer-hedge story. The assumption can be wrong. Not a trade. Positive gamma Negative gamma Dealers net long gamma Dealers net short gamma Hedge: buy dips, sell rips Hedge: sell weakness, buy strength Flow leans against the move Flow leans with the move Tape can get sticky. Range stories have a better chance. Tape can run farther than it should. Breaks can accelerate. Often above the gamma flip Often below the gamma flip

Positive vs negative gamma

What positive gamma and negative gamma mean for dealer hedging — long gamma versus short gamma, sticky tape versus a runaway, and why the gamma flip is the regime line.

Put/call ratio is puts traded versus calls traded, a positioning count not a forecast Put/call ratio Puts � calls (usually volume). A count, not a crystal ball. Not a trade. Call-heavy ~1.0 Put-heavy More calls traded than puts More puts traded than calls Which ratio? Volume PCR (todays tape) ` OI PCR (the book). Equity vs index vs total. SPY sits with equities. SPX with indexes. This site does not plot PCR. GEX is a different map: gamma by strike, not puts�calls. Cartoon scale. Thresholds on TV are folklore, not physics.

What is the put/call ratio?

What the put/call ratio actually is — puts versus calls as a count, volume PCR versus OI PCR, and why it is not VIX, GEX, or a forecast.

SPX and SPY track the same market with different contracts SPX vs SPY Same index idea. Different paper. Two GEX maps. Not a trade. SPX / SPXW Index. Cash-settled. European-style. No shares. ~10� SPY notional. 0DTE lives in SPXW. Type SPX for this chain. SPY ETF. Physical delivery. American-style. Assignment. 100 shares per contract. Daily 0DTE too. Type SPY for this chain. Call wall on SPY is not the SPX call wall. Same weather, different book. Specs cartoon. Not tax advice and not a which-to-trade list.

SPX vs SPY options

How SPX and SPY options differ — cash vs shares, size, 0DTE as SPXW vs SPY, and why each ticker is its own GEX map.

Volatility smile and skew: implied vol by strike, one line per expiry Volatility smile IV % by strike. Each line is an expiry. Dotted = spot. Not a live tape. IV % Spot OTM puts OTM calls Strikes Near expiry Farther Equity indexes usually smirk: puts richer than calls. That skew is insurance, not GEX.

Volatility smile and skew

What a volatility smile and volatility skew are — implied vol by strike versus GEX, why equity indexes smirk, and how to read the smile on the Gamma tab.

0DTE is an option on its last day, not a separate product What 0DTE is Zero days to expiry. Same-day option. Not a trade and not a live tape. Today 4 p.m. ET Clock hits zero. Contract is gone. A stage, not a product Monday: a 5-DTE call Friday: that same call is 0DTE SPY / SPX / QQQ list one every weekday Many stocks still expire weekly Gamma tab: isolate todays date. Same-day options are loud on GEX because gamma per contract is huge. They die at the close. Schematic clock. Not a session recap.

What is 0DTE?

What 0DTE options actually are — zero days to expiry, why they dominate SPY and SPX volume, and why same-day gamma is a magnet that dies at the close.

Gamma is how fast delta changes when the underlying moves What gamma is (the Greek) Delta is the slope. Gamma is how fast that slope changes. Not a trade. Call value Spot Delta = slope Near the money the curve bends hardest. That bend is gamma. One contract Delta: hedge shares now Gamma: extra shares if spot ticks Highest near ATM and near expiry Long the option = long gamma Short the option = short gamma GEX stacks this across the chain. Cartoon curve. Not a payoff diagram to copy.

What is gamma in options?

What the options Greek gamma actually is — how fast delta changes, why near-the-money and near-expiry gamma is loud, and how that stacks into GEX.

Implied volatility is backed out of an options price, not measured from the tape What IV is Price in. Model. Vol out. Not a forecast of direction. Not a trade. Option price Premium Pricing model Black-Scholes& Implied volatility IV % What it is not Not realized vol. Not VIX (VIX is a 30-day SPX basket). Not GEX. GEX stacks gamma. Smile plots IV by strike. High IV means the market charges more for movement. It does not say up or down. Cartoon pipeline. Not a live quote.

What is implied volatility (IV)?

What implied volatility actually is — the vol a model backs out of an option’s price, how it differs from realized vol and VIX, and how it shows up on the smile.

VIX is a 30-day implied-vol basket from SPX options, not a fear meter What the VIX is 30-day expected vol from a strip of SPX options. Magnitude, not direction. Not a trade. SPX options strip Near-term calls & puts Next-term calls & puts Weighted ~2337 DTE One number: VIX Annualized expected move 20 VIX H ~1.3% / day (rough 252) This site does not plot VIX. Smile is IV by strike on the ticker you typed. Different map. Cartoon basket. Not Cboe methodology and not a live quote.

What is the VIX?

What the VIX actually is — a 30-day implied-vol basket from SPX options, why it is not a fear meter or a direction, and how it differs from contract IV and 0DTE.

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Educación en opciones

Notas en lenguaje claro. Sin recaps de trades, sin recetas de “fade the wall”.

Gamma profile by strike, as on the Gamma tab Gamma profile Strikes � GEX � dotted line = spot + Gamma  Gamma ABS GEX GEX Spot Put wall Call wall 620 640 650 Strikes

Gamma

¿Qué es la exposición gamma (GEX)?

Una lectura clara de la exposición gamma de los dealers: qué suma realmente el gráfico, por qué aparecen los call walls y por qué esto es un mapa, no una operación.

Leer la nota →
0DTE gamma pile versus a monthly gamma pile 0DTE is not a monthly Same GEX label. Different half-life. Schematic, not a live tape. 0DTE Monthlies One loud strike Dies at the close. Magnet today. Wider cluster, slower decay Can still be there tomorrow.

Gamma 0DTE y el filtro de vencimientos

Qué hace la gamma 0DTE a un gráfico GEX — imanes del mismo día frente a mensuales, por qué “todos los vencimientos” es un batido, y cómo usar el filtro de vencimientos en la pestaña Gamma.

Call wall, gamma flip, and put wall versus spot Three GEX levels Schematic. Not a live tape, not an order. Call wall Heaviest call-side gamma, usually above spot. Often looks like a ceiling in a positive-gamma tape. Gamma flip Where net GEX changes sign. Regime line, not a buy stop. Also called zero-gamma level. Spot Put wall Heaviest put-side gamma, usually below. Can look like support until it is not. On a real chain the flip can sit above or below spot. The stack is not a promise.

Call wall, put wall y gamma flip

Qué son de verdad un call wall, un put wall y el gamma flip en un gráfico GEX: niveles de cobertura de dealers, no órdenes de compra y venta.

GEX is a map. A gamma squeeze is an event. GEX vs a gamma squeeze Weather map versus the storm. Not a trade. GEX Gamma squeeze A positioning map by strike A price event, if it happens Regime: +Gamma / -Gamma Short-gamma hedge chasing a rally Call wall, put wall, gamma flip Needs a catalyst + a dense call pile Necessary weather for a squeeze is often negative gamma. Not enough. Most negative-GEX days are not a squeeze. Do not screenshot GME.

Gamma squeeze vs GEX

Qué es de verdad un gamma squeeze frente a la exposición gamma: un bucle de retroalimentación frente a un mapa de posicionamiento, y por qué el GEX negativo no es un squeeze por sí solo.

Open interest counts contracts. GEX estimates hedge shove. GEX vs open interest Same strikes. Different questions. Schematic, not a live quote. Open interest GEX How many contracts sit here. Max OI Call / Put / C+P. How hard those contracts shove the hedge as price moves.

GEX vs open interest

La diferencia entre exposición gamma y open interest — contratos frente a empuje de cobertura, por qué Max OI y GEX no coinciden, y por qué los dos siguen perteneciendo al gráfico.

Parts of a GEX chart: bars, ABS GEX, spot, and key levels How to read a GEX chart Schematic. Not a live tape, not an order. Spot Put wall Call wall Cyan = +Gamma. Red = -Gamma. Purple = ABS GEX. Dotted = spot. Seven key levels Max -Gamma ABS GEX Max OI Put Max OI Call Max +Gamma Max OI C+P Gamma flip Tap a row on the Gamma tab to read the sentence under it. OI is contracts. GEX is shove.

Cómo leer un gráfico GEX

Cómo leer un gráfico de exposición gamma — barras, ABS GEX, spot, los siete niveles clave y las cuatro preguntas que de verdad importan.

How to read SPY GEX: flip, walls, 0DTE mix, seven levels Reading SPY GEX Evergreen map. Not today SPY levels. Not a trade. Spot Put wall Call wall Flip SPY/SPX/QQQ are the deep chains. Cartoon strikes, not a live print. Same four reads 1. Spot vs gamma flip 2. Nearest call / put wall 3. Shape of the pile 4. 0DTE vs all expiries Type SPY on Gamma. Pick dates. Delayed snapshot for guests. QQQ is the same animal, noisier. NVDA is not SPY.

Cómo leer el GEX de SPY

Cómo leer la exposición gamma de SPY — flip, call wall, put wall, 0DTE frente a todos los vencimientos — un mapa perenne para SPY, SPX y QQQ, no los niveles de hoy.

Max pain is an expiry toy. GEX is hedge shove now. Max pain vs GEX Two magnets, two clocks. Schematic, not a live quote. Max pain GEX Which strike hurts holders most if this expiry settled here Input: open interest + intrinsic No gamma. No hedge story. Loudest near expiry, one date A settlement toy. Not a bid. We do not plot it as a trade. How hard contracts shove the hedge as price ticks now Input: OI x gamma, a dealer guess Call wall, put wall, gamma flip Loud all day, mix of expiries A positioning map. Still not an order. They can sit near each other.

Max pain vs GEX

Qué es max pain frente a la exposición gamma: un juguete de liquidación al vencimiento frente al empuje de cobertura ahora, por qué se sientan cerca, y por qué ninguno es una orden.

Positive gamma versus negative gamma dealer hedge Positive vs negative gamma Usual dealer-hedge story. The assumption can be wrong. Not a trade. Positive gamma Negative gamma Dealers net long gamma Dealers net short gamma Hedge: buy dips, sell rips Hedge: sell weakness, buy strength Flow leans against the move Flow leans with the move Tape can get sticky. Range stories have a better chance. Tape can run farther than it should. Breaks can accelerate. Often above the gamma flip Often below the gamma flip

Gamma positiva vs gamma negativa

Qué significan gamma positiva y gamma negativa para la cobertura de dealers — long gamma frente a short gamma, cinta pegajosa frente a un runaway, y por qué el gamma flip es la línea de régimen.

Put/call ratio is puts traded versus calls traded, a positioning count not a forecast Put/call ratio Puts � calls (usually volume). A count, not a crystal ball. Not a trade. Call-heavy ~1.0 Put-heavy More calls traded than puts More puts traded than calls Which ratio? Volume PCR (todays tape) ` OI PCR (the book). Equity vs index vs total. SPY sits with equities. SPX with indexes. This site does not plot PCR. GEX is a different map: gamma by strike, not puts�calls. Cartoon scale. Thresholds on TV are folklore, not physics.

¿Qué es el put/call ratio?

Qué es de verdad el put/call ratio — puts frente a calls como un recuento, PCR de volumen frente a PCR de OI, y por qué no es VIX, GEX ni un pronóstico.

SPX and SPY track the same market with different contracts SPX vs SPY Same index idea. Different paper. Two GEX maps. Not a trade. SPX / SPXW Index. Cash-settled. European-style. No shares. ~10� SPY notional. 0DTE lives in SPXW. Type SPX for this chain. SPY ETF. Physical delivery. American-style. Assignment. 100 shares per contract. Daily 0DTE too. Type SPY for this chain. Call wall on SPY is not the SPX call wall. Same weather, different book. Specs cartoon. Not tax advice and not a which-to-trade list.

Opciones SPX vs SPY

Cómo se diferencian las opciones de SPX y SPY — efectivo vs acciones, tamaño, 0DTE como SPXW vs SPY, y por qué cada ticker es su propio mapa GEX.

Volatility smile and skew: implied vol by strike, one line per expiry Volatility smile IV % by strike. Each line is an expiry. Dotted = spot. Not a live tape. IV % Spot OTM puts OTM calls Strikes Near expiry Farther Equity indexes usually smirk: puts richer than calls. That skew is insurance, not GEX.

Volatility smile y skew

Qué son un volatility smile y un volatility skew — vol implícita por strike frente a GEX, por qué los índices de renta variable hacen smirk, y cómo leer el smile en la pestaña Gamma.

0DTE is an option on its last day, not a separate product What 0DTE is Zero days to expiry. Same-day option. Not a trade and not a live tape. Today 4 p.m. ET Clock hits zero. Contract is gone. A stage, not a product Monday: a 5-DTE call Friday: that same call is 0DTE SPY / SPX / QQQ list one every weekday Many stocks still expire weekly Gamma tab: isolate todays date. Same-day options are loud on GEX because gamma per contract is huge. They die at the close. Schematic clock. Not a session recap.

¿Qué es 0DTE?

Qué son de verdad las opciones 0DTE — zero days to expiry, por qué dominan el volumen de SPY y SPX, y por qué la gamma del mismo día es un imán que muere al cierre.

Gamma is how fast delta changes when the underlying moves What gamma is (the Greek) Delta is the slope. Gamma is how fast that slope changes. Not a trade. Call value Spot Delta = slope Near the money the curve bends hardest. That bend is gamma. One contract Delta: hedge shares now Gamma: extra shares if spot ticks Highest near ATM and near expiry Long the option = long gamma Short the option = short gamma GEX stacks this across the chain. Cartoon curve. Not a payoff diagram to copy.

¿Qué es la gamma en opciones?

Qué es de verdad el griego gamma de las opciones: lo rápido que cambia el delta, por qué la gamma cerca del dinero y cerca del vencimiento es ruidosa, y cómo eso se apila en GEX.

Implied volatility is backed out of an options price, not measured from the tape What IV is Price in. Model. Vol out. Not a forecast of direction. Not a trade. Option price Premium Pricing model Black-Scholes& Implied volatility IV % What it is not Not realized vol. Not VIX (VIX is a 30-day SPX basket). Not GEX. GEX stacks gamma. Smile plots IV by strike. High IV means the market charges more for movement. It does not say up or down. Cartoon pipeline. Not a live quote.

¿Qué es la volatilidad implícita (IV)?

Qué es de verdad la volatilidad implícita — la vol que un modelo saca del precio de una opción, cómo se diferencia de la vol realizada y del VIX, y cómo aparece en el smile.

VIX is a 30-day implied-vol basket from SPX options, not a fear meter What the VIX is 30-day expected vol from a strip of SPX options. Magnitude, not direction. Not a trade. SPX options strip Near-term calls & puts Next-term calls & puts Weighted ~2337 DTE One number: VIX Annualized expected move 20 VIX H ~1.3% / day (rough 252) This site does not plot VIX. Smile is IV by strike on the ticker you typed. Different map. Cartoon basket. Not Cboe methodology and not a live quote.

¿Qué es el VIX?

Qué es de verdad el VIX — una cesta de vol implícita a 30 días a partir de opciones SPX, por qué no es un medidor de miedo ni una dirección, y cómo se diferencia de la IV de un contrato y de 0DTE.

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Notes en langage clair. Pas de recaps de trades, pas de scripts « fade the wall ».

Gamma profile by strike, as on the Gamma tab Gamma profile Strikes � GEX � dotted line = spot + Gamma  Gamma ABS GEX GEX Spot Put wall Call wall 620 640 650 Strikes

Gamma

Qu’est-ce que l’exposition gamma (GEX) ?

Un regard simple sur l’exposition gamma des dealers — ce que le graphique additionne vraiment, pourquoi les call walls apparaissent, et pourquoi c’est une carte, pas un trade.

Lire la note →
0DTE gamma pile versus a monthly gamma pile 0DTE is not a monthly Same GEX label. Different half-life. Schematic, not a live tape. 0DTE Monthlies One loud strike Dies at the close. Magnet today. Wider cluster, slower decay Can still be there tomorrow.

Gamma 0DTE et le filtre d’échéances

Ce que la gamma 0DTE fait à un graphique GEX — aimants du jour même versus mensuels, pourquoi « toutes les échéances » est un smoothie, et comment utiliser le filtre d’échéances sur l’onglet Gamma.

Call wall, gamma flip, and put wall versus spot Three GEX levels Schematic. Not a live tape, not an order. Call wall Heaviest call-side gamma, usually above spot. Often looks like a ceiling in a positive-gamma tape. Gamma flip Where net GEX changes sign. Regime line, not a buy stop. Also called zero-gamma level. Spot Put wall Heaviest put-side gamma, usually below. Can look like support until it is not. On a real chain the flip can sit above or below spot. The stack is not a promise.

Call wall, put wall et gamma flip

Ce qu’un call wall, un put wall et le gamma flip sont vraiment sur un graphique GEX — des niveaux de couverture des dealers, pas des ordres d’achat et de vente.

GEX is a map. A gamma squeeze is an event. GEX vs a gamma squeeze Weather map versus the storm. Not a trade. GEX Gamma squeeze A positioning map by strike A price event, if it happens Regime: +Gamma / -Gamma Short-gamma hedge chasing a rally Call wall, put wall, gamma flip Needs a catalyst + a dense call pile Necessary weather for a squeeze is often negative gamma. Not enough. Most negative-GEX days are not a squeeze. Do not screenshot GME.

Gamma squeeze vs GEX

Ce qu’est vraiment un gamma squeeze versus l’exposition gamma — une boucle de rétroaction versus une carte de positionnement, et pourquoi un GEX négatif n’est pas un squeeze à lui seul.

Open interest counts contracts. GEX estimates hedge shove. GEX vs open interest Same strikes. Different questions. Schematic, not a live quote. Open interest GEX How many contracts sit here. Max OI Call / Put / C+P. How hard those contracts shove the hedge as price moves.

GEX vs open interest

La différence entre exposition gamma et open interest — contrats versus poussée de couverture, pourquoi Max OI et GEX ne collent pas, et pourquoi les deux restent sur le graphique.

Parts of a GEX chart: bars, ABS GEX, spot, and key levels How to read a GEX chart Schematic. Not a live tape, not an order. Spot Put wall Call wall Cyan = +Gamma. Red = -Gamma. Purple = ABS GEX. Dotted = spot. Seven key levels Max -Gamma ABS GEX Max OI Put Max OI Call Max +Gamma Max OI C+P Gamma flip Tap a row on the Gamma tab to read the sentence under it. OI is contracts. GEX is shove.

Comment lire un graphique GEX

Comment lire un graphique d’exposition gamma — barres, ABS GEX, spot, les sept niveaux clés, et les quatre questions qui comptent vraiment.

How to read SPY GEX: flip, walls, 0DTE mix, seven levels Reading SPY GEX Evergreen map. Not today SPY levels. Not a trade. Spot Put wall Call wall Flip SPY/SPX/QQQ are the deep chains. Cartoon strikes, not a live print. Same four reads 1. Spot vs gamma flip 2. Nearest call / put wall 3. Shape of the pile 4. 0DTE vs all expiries Type SPY on Gamma. Pick dates. Delayed snapshot for guests. QQQ is the same animal, noisier. NVDA is not SPY.

Comment lire le GEX de SPY

Comment lire l’exposition gamma de SPY — flip, call wall, put wall, 0DTE versus toutes les échéances — une carte pérenne pour SPY, SPX et QQQ, pas les niveaux d’aujourd’hui.

Max pain is an expiry toy. GEX is hedge shove now. Max pain vs GEX Two magnets, two clocks. Schematic, not a live quote. Max pain GEX Which strike hurts holders most if this expiry settled here Input: open interest + intrinsic No gamma. No hedge story. Loudest near expiry, one date A settlement toy. Not a bid. We do not plot it as a trade. How hard contracts shove the hedge as price ticks now Input: OI x gamma, a dealer guess Call wall, put wall, gamma flip Loud all day, mix of expiries A positioning map. Still not an order. They can sit near each other.

Max pain vs GEX

Ce qu’est le max pain versus l’exposition gamma — un jouet de règlement d’échéance versus la poussée de couverture maintenant, pourquoi ils se côtoient, et pourquoi ni l’un ni l’autre n’est un ordre.

Positive gamma versus negative gamma dealer hedge Positive vs negative gamma Usual dealer-hedge story. The assumption can be wrong. Not a trade. Positive gamma Negative gamma Dealers net long gamma Dealers net short gamma Hedge: buy dips, sell rips Hedge: sell weakness, buy strength Flow leans against the move Flow leans with the move Tape can get sticky. Range stories have a better chance. Tape can run farther than it should. Breaks can accelerate. Often above the gamma flip Often below the gamma flip

Gamma positive vs gamma négative

Ce que gamma positive et gamma négative veulent dire pour la couverture des dealers — long gamma versus short gamma, bande collante versus runaway, et pourquoi le gamma flip est la ligne de régime.

Put/call ratio is puts traded versus calls traded, a positioning count not a forecast Put/call ratio Puts � calls (usually volume). A count, not a crystal ball. Not a trade. Call-heavy ~1.0 Put-heavy More calls traded than puts More puts traded than calls Which ratio? Volume PCR (todays tape) ` OI PCR (the book). Equity vs index vs total. SPY sits with equities. SPX with indexes. This site does not plot PCR. GEX is a different map: gamma by strike, not puts�calls. Cartoon scale. Thresholds on TV are folklore, not physics.

Qu’est-ce que le put/call ratio ?

Ce qu’est vraiment le put/call ratio — puts versus calls comme un décompte, PCR volume versus PCR OI, et pourquoi ce n’est pas le VIX, le GEX, ni une prévision.

SPX and SPY track the same market with different contracts SPX vs SPY Same index idea. Different paper. Two GEX maps. Not a trade. SPX / SPXW Index. Cash-settled. European-style. No shares. ~10� SPY notional. 0DTE lives in SPXW. Type SPX for this chain. SPY ETF. Physical delivery. American-style. Assignment. 100 shares per contract. Daily 0DTE too. Type SPY for this chain. Call wall on SPY is not the SPX call wall. Same weather, different book. Specs cartoon. Not tax advice and not a which-to-trade list.

Options SPX vs SPY

En quoi les options SPX et SPY diffèrent — cash vs actions, taille, 0DTE en SPXW vs SPY, et pourquoi chaque ticker est sa propre carte GEX.

Volatility smile and skew: implied vol by strike, one line per expiry Volatility smile IV % by strike. Each line is an expiry. Dotted = spot. Not a live tape. IV % Spot OTM puts OTM calls Strikes Near expiry Farther Equity indexes usually smirk: puts richer than calls. That skew is insurance, not GEX.

Volatility smile et skew

Ce qu’est un volatility smile et un volatility skew — la vol implicite par strike versus le GEX, pourquoi les indices actions smirk, et comment lire le smile sur l’onglet Gamma.

0DTE is an option on its last day, not a separate product What 0DTE is Zero days to expiry. Same-day option. Not a trade and not a live tape. Today 4 p.m. ET Clock hits zero. Contract is gone. A stage, not a product Monday: a 5-DTE call Friday: that same call is 0DTE SPY / SPX / QQQ list one every weekday Many stocks still expire weekly Gamma tab: isolate todays date. Same-day options are loud on GEX because gamma per contract is huge. They die at the close. Schematic clock. Not a session recap.

Qu’est-ce que le 0DTE ?

Ce que sont vraiment les options 0DTE — zero days to expiry, pourquoi elles dominent le volume de SPY et SPX, et pourquoi la gamma du jour même est un aimant qui meurt à la clôture.

Gamma is how fast delta changes when the underlying moves What gamma is (the Greek) Delta is the slope. Gamma is how fast that slope changes. Not a trade. Call value Spot Delta = slope Near the money the curve bends hardest. That bend is gamma. One contract Delta: hedge shares now Gamma: extra shares if spot ticks Highest near ATM and near expiry Long the option = long gamma Short the option = short gamma GEX stacks this across the chain. Cartoon curve. Not a payoff diagram to copy.

Qu’est-ce que la gamma en options ?

Ce qu’est vraiment le grec gamma des options — à quelle vitesse le delta change, pourquoi la gamma près de la monnaie et près de l’échéance est bruyante, et comment ça s’empile en GEX.

Implied volatility is backed out of an options price, not measured from the tape What IV is Price in. Model. Vol out. Not a forecast of direction. Not a trade. Option price Premium Pricing model Black-Scholes& Implied volatility IV % What it is not Not realized vol. Not VIX (VIX is a 30-day SPX basket). Not GEX. GEX stacks gamma. Smile plots IV by strike. High IV means the market charges more for movement. It does not say up or down. Cartoon pipeline. Not a live quote.

Qu’est-ce que la volatilité implicite (IV) ?

Ce qu’est vraiment la volatilité implicite — la vol qu’un modèle extrait du prix d’une option, en quoi elle diffère de la vol réalisée et du VIX, et comment elle apparaît sur le smile.

VIX is a 30-day implied-vol basket from SPX options, not a fear meter What the VIX is 30-day expected vol from a strip of SPX options. Magnitude, not direction. Not a trade. SPX options strip Near-term calls & puts Next-term calls & puts Weighted ~2337 DTE One number: VIX Annualized expected move 20 VIX H ~1.3% / day (rough 252) This site does not plot VIX. Smile is IV by strike on the ticker you typed. Different map. Cartoon basket. Not Cboe methodology and not a live quote.

Qu’est-ce que le VIX ?

Ce qu’est vraiment le VIX — un panier de vol implicite 30 jours à partir d’options SPX, pourquoi ce n’est pas un compteur de peur ni une direction, et en quoi il diffère de l’IV de contrat et du 0DTE.

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Options-Wissen

Notizen in Klartext. Keine Trade-Recaps, keine „fade the wall“-Skripte.

Gamma profile by strike, as on the Gamma tab Gamma profile Strikes � GEX � dotted line = spot + Gamma  Gamma ABS GEX GEX Spot Put wall Call wall 620 640 650 Strikes

Gamma

Was ist Gamma Exposure (GEX)?

Ein klarer Blick auf Dealer-Gamma-Exposure — was der Chart tatsächlich aufaddiert, warum Call Walls auftauchen, und warum das eine Karte ist, kein Trade.

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0DTE gamma pile versus a monthly gamma pile 0DTE is not a monthly Same GEX label. Different half-life. Schematic, not a live tape. 0DTE Monthlies One loud strike Dies at the close. Magnet today. Wider cluster, slower decay Can still be there tomorrow.

0DTE-Gamma und der Expiry-Filter

Was 0DTE-Gamma mit einem GEX-Chart macht — Same-Day-Magneten versus Monthlies, warum „alle Expiries“ ein Smoothie ist, und wie Sie den Expiry-Filter auf dem Gamma-Tab nutzen.

Call wall, gamma flip, and put wall versus spot Three GEX levels Schematic. Not a live tape, not an order. Call wall Heaviest call-side gamma, usually above spot. Often looks like a ceiling in a positive-gamma tape. Gamma flip Where net GEX changes sign. Regime line, not a buy stop. Also called zero-gamma level. Spot Put wall Heaviest put-side gamma, usually below. Can look like support until it is not. On a real chain the flip can sit above or below spot. The stack is not a promise.

Call wall, Put wall und Gamma flip

Was Call Wall, Put Wall und Gamma Flip auf einem GEX-Chart wirklich sind — Dealer-Hedge-Levels, keine Kauf- und Verkaufsorders.

GEX is a map. A gamma squeeze is an event. GEX vs a gamma squeeze Weather map versus the storm. Not a trade. GEX Gamma squeeze A positioning map by strike A price event, if it happens Regime: +Gamma / -Gamma Short-gamma hedge chasing a rally Call wall, put wall, gamma flip Needs a catalyst + a dense call pile Necessary weather for a squeeze is often negative gamma. Not enough. Most negative-GEX days are not a squeeze. Do not screenshot GME.

Gamma Squeeze vs GEX

Was ein Gamma Squeeze tatsächlich ist versus Gamma Exposure — eine Feedback-Schleife versus eine Positioning-Karte, und warum negatives GEX allein kein Squeeze ist.

Open interest counts contracts. GEX estimates hedge shove. GEX vs open interest Same strikes. Different questions. Schematic, not a live quote. Open interest GEX How many contracts sit here. Max OI Call / Put / C+P. How hard those contracts shove the hedge as price moves.

GEX vs Open Interest

Der Unterschied zwischen Gamma Exposure und Open Interest — Kontrakte versus Hedge-Schub, warum Max OI und GEX sich widersprechen, und warum beide trotzdem auf den Chart gehören.

Parts of a GEX chart: bars, ABS GEX, spot, and key levels How to read a GEX chart Schematic. Not a live tape, not an order. Spot Put wall Call wall Cyan = +Gamma. Red = -Gamma. Purple = ABS GEX. Dotted = spot. Seven key levels Max -Gamma ABS GEX Max OI Put Max OI Call Max +Gamma Max OI C+P Gamma flip Tap a row on the Gamma tab to read the sentence under it. OI is contracts. GEX is shove.

Wie man einen GEX-Chart liest

Wie man einen Gamma-Exposure-Chart liest — Balken, ABS GEX, Spot, die sieben Key-Levels und die vier Fragen, die wirklich zählen.

How to read SPY GEX: flip, walls, 0DTE mix, seven levels Reading SPY GEX Evergreen map. Not today SPY levels. Not a trade. Spot Put wall Call wall Flip SPY/SPX/QQQ are the deep chains. Cartoon strikes, not a live print. Same four reads 1. Spot vs gamma flip 2. Nearest call / put wall 3. Shape of the pile 4. 0DTE vs all expiries Type SPY on Gamma. Pick dates. Delayed snapshot for guests. QQQ is the same animal, noisier. NVDA is not SPY.

Wie man SPY GEX liest

Wie man SPY Gamma Exposure liest — Flip, Call wall, Put wall, 0DTE versus alle Expiries — eine immergrüne Karte für SPY, SPX und QQQ, nicht die Levels von heute.

Max pain is an expiry toy. GEX is hedge shove now. Max pain vs GEX Two magnets, two clocks. Schematic, not a live quote. Max pain GEX Which strike hurts holders most if this expiry settled here Input: open interest + intrinsic No gamma. No hedge story. Loudest near expiry, one date A settlement toy. Not a bid. We do not plot it as a trade. How hard contracts shove the hedge as price ticks now Input: OI x gamma, a dealer guess Call wall, put wall, gamma flip Loud all day, mix of expiries A positioning map. Still not an order. They can sit near each other.

Max Pain vs GEX

Was max pain versus Gamma Exposure ist — ein Verfall-Settlement-Spielzeug versus Hedge-Schub jetzt, warum sie nah beieinander sitzen, und warum keines eine Order ist.

Positive gamma versus negative gamma dealer hedge Positive vs negative gamma Usual dealer-hedge story. The assumption can be wrong. Not a trade. Positive gamma Negative gamma Dealers net long gamma Dealers net short gamma Hedge: buy dips, sell rips Hedge: sell weakness, buy strength Flow leans against the move Flow leans with the move Tape can get sticky. Range stories have a better chance. Tape can run farther than it should. Breaks can accelerate. Often above the gamma flip Often below the gamma flip

Positives vs negatives Gamma

Was positives Gamma und negatives Gamma für Dealer-Hedging bedeuten — long Gamma versus short Gamma, klebriges Tape versus Runaway, und warum der Gamma Flip die Regime-Linie ist.

Put/call ratio is puts traded versus calls traded, a positioning count not a forecast Put/call ratio Puts � calls (usually volume). A count, not a crystal ball. Not a trade. Call-heavy ~1.0 Put-heavy More calls traded than puts More puts traded than calls Which ratio? Volume PCR (todays tape) ` OI PCR (the book). Equity vs index vs total. SPY sits with equities. SPX with indexes. This site does not plot PCR. GEX is a different map: gamma by strike, not puts�calls. Cartoon scale. Thresholds on TV are folklore, not physics.

Was ist das Put/Call Ratio?

Was das Put/Call Ratio tatsächlich ist — Puts versus Calls als Count, Volume-PCR versus OI-PCR, und warum es nicht VIX, GEX oder eine Prognose ist.

SPX and SPY track the same market with different contracts SPX vs SPY Same index idea. Different paper. Two GEX maps. Not a trade. SPX / SPXW Index. Cash-settled. European-style. No shares. ~10� SPY notional. 0DTE lives in SPXW. Type SPX for this chain. SPY ETF. Physical delivery. American-style. Assignment. 100 shares per contract. Daily 0DTE too. Type SPY for this chain. Call wall on SPY is not the SPX call wall. Same weather, different book. Specs cartoon. Not tax advice and not a which-to-trade list.

SPX vs SPY Optionen

Wie sich SPX- und SPY-Optionen unterscheiden — Cash vs Aktien, Größe, 0DTE als SPXW vs SPY, und warum jeder Ticker seine eigene GEX-Karte ist.

Volatility smile and skew: implied vol by strike, one line per expiry Volatility smile IV % by strike. Each line is an expiry. Dotted = spot. Not a live tape. IV % Spot OTM puts OTM calls Strikes Near expiry Farther Equity indexes usually smirk: puts richer than calls. That skew is insurance, not GEX.

Volatility Smile und Skew

Was ein Volatility Smile und Volatility Skew sind — Implied Vol nach Strike versus GEX, warum Equity-Indizes smirk, und wie man den Smile auf dem Gamma-Tab liest.

0DTE is an option on its last day, not a separate product What 0DTE is Zero days to expiry. Same-day option. Not a trade and not a live tape. Today 4 p.m. ET Clock hits zero. Contract is gone. A stage, not a product Monday: a 5-DTE call Friday: that same call is 0DTE SPY / SPX / QQQ list one every weekday Many stocks still expire weekly Gamma tab: isolate todays date. Same-day options are loud on GEX because gamma per contract is huge. They die at the close. Schematic clock. Not a session recap.

Was ist 0DTE?

Was 0DTE-Optionen tatsächlich sind — zero days to expiry, warum sie SPY- und SPX-Volume dominieren, und warum Same-Day-Gamma ein Magnet ist, der zum Close stirbt.

Gamma is how fast delta changes when the underlying moves What gamma is (the Greek) Delta is the slope. Gamma is how fast that slope changes. Not a trade. Call value Spot Delta = slope Near the money the curve bends hardest. That bend is gamma. One contract Delta: hedge shares now Gamma: extra shares if spot ticks Highest near ATM and near expiry Long the option = long gamma Short the option = short gamma GEX stacks this across the chain. Cartoon curve. Not a payoff diagram to copy.

Was ist Gamma bei Optionen?

Was das Options-Greek Gamma tatsächlich ist — wie schnell Delta sich ändert, warum Gamma near the money und nahe Verfall laut ist, und wie das sich zu GEX stapelt.

Implied volatility is backed out of an options price, not measured from the tape What IV is Price in. Model. Vol out. Not a forecast of direction. Not a trade. Option price Premium Pricing model Black-Scholes& Implied volatility IV % What it is not Not realized vol. Not VIX (VIX is a 30-day SPX basket). Not GEX. GEX stacks gamma. Smile plots IV by strike. High IV means the market charges more for movement. It does not say up or down. Cartoon pipeline. Not a live quote.

Was ist Implied Volatility (IV)?

Was Implied Volatility tatsächlich ist — die Vol, die ein Modell aus einem Optionspreis herausrechnet, wie sie sich von realisierter Vol und VIX unterscheidet, und wie sie auf dem Smile auftaucht.

VIX is a 30-day implied-vol basket from SPX options, not a fear meter What the VIX is 30-day expected vol from a strip of SPX options. Magnitude, not direction. Not a trade. SPX options strip Near-term calls & puts Next-term calls & puts Weighted ~2337 DTE One number: VIX Annualized expected move 20 VIX H ~1.3% / day (rough 252) This site does not plot VIX. Smile is IV by strike on the ticker you typed. Different map. Cartoon basket. Not Cboe methodology and not a live quote.

Was ist der VIX?

Was der VIX tatsächlich ist — ein 30-Tage-Implied-Vol-Korb aus SPX-Optionen, warum er kein Fear-Meter und keine Richtung ist, und wie er sich von Kontrakt-IV und 0DTE unterscheidet.

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Опционы простым языком

Заметки простым языком. Без разборов сделок и скриптов «фейдь стену».

Gamma profile by strike, as on the Gamma tab Gamma profile Strikes � GEX � dotted line = spot + Gamma  Gamma ABS GEX GEX Spot Put wall Call wall 620 640 650 Strikes

Gamma

Что такое гамма-экспозиция (GEX)?

Простым языком про гамма-экспозицию дилеров — что на самом деле суммирует график, откуда берутся call walls и почему это карта, а не сделка.

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0DTE gamma pile versus a monthly gamma pile 0DTE is not a monthly Same GEX label. Different half-life. Schematic, not a live tape. 0DTE Monthlies One loud strike Dies at the close. Magnet today. Wider cluster, slower decay Can still be there tomorrow.

Гамма 0DTE и фильтр экспираций

Что гамма 0DTE делает с графиком GEX — магниты того же дня против месячных, почему «все экспирации» — смузи и как пользоваться фильтром экспираций на вкладке Gamma.

Call wall, gamma flip, and put wall versus spot Three GEX levels Schematic. Not a live tape, not an order. Call wall Heaviest call-side gamma, usually above spot. Often looks like a ceiling in a positive-gamma tape. Gamma flip Where net GEX changes sign. Regime line, not a buy stop. Also called zero-gamma level. Spot Put wall Heaviest put-side gamma, usually below. Can look like support until it is not. On a real chain the flip can sit above or below spot. The stack is not a promise.

Call wall, put wall и gamma flip

Что на самом деле значат call wall, put wall и gamma flip на графике GEX — уровни хеджа дилеров, а не заявки на покупку и продажу.

GEX is a map. A gamma squeeze is an event. GEX vs a gamma squeeze Weather map versus the storm. Not a trade. GEX Gamma squeeze A positioning map by strike A price event, if it happens Regime: +Gamma / -Gamma Short-gamma hedge chasing a rally Call wall, put wall, gamma flip Needs a catalyst + a dense call pile Necessary weather for a squeeze is often negative gamma. Not enough. Most negative-GEX days are not a squeeze. Do not screenshot GME.

Gamma squeeze против GEX

Чем gamma squeeze на самом деле отличается от гамма-экспозиции — петля обратной связи против карты позиционирования, и почему отрицательный GEX сам по себе не сквиз.

Open interest counts contracts. GEX estimates hedge shove. GEX vs open interest Same strikes. Different questions. Schematic, not a live quote. Open interest GEX How many contracts sit here. Max OI Call / Put / C+P. How hard those contracts shove the hedge as price moves.

GEX и open interest

Разница между гамма-экспозицией и open interest — контракты против пинка хеджа, почему Max OI и GEX не совпадают и зачем оба всё равно на графике.

Parts of a GEX chart: bars, ABS GEX, spot, and key levels How to read a GEX chart Schematic. Not a live tape, not an order. Spot Put wall Call wall Cyan = +Gamma. Red = -Gamma. Purple = ABS GEX. Dotted = spot. Seven key levels Max -Gamma ABS GEX Max OI Put Max OI Call Max +Gamma Max OI C+P Gamma flip Tap a row on the Gamma tab to read the sentence under it. OI is contracts. GEX is shove.

Как читать график GEX

Как читать график гамма-экспозиции — палки, ABS GEX, спот, семь ключевых уровней и четыре вопроса, которые на самом деле важны.

How to read SPY GEX: flip, walls, 0DTE mix, seven levels Reading SPY GEX Evergreen map. Not today SPY levels. Not a trade. Spot Put wall Call wall Flip SPY/SPX/QQQ are the deep chains. Cartoon strikes, not a live print. Same four reads 1. Spot vs gamma flip 2. Nearest call / put wall 3. Shape of the pile 4. 0DTE vs all expiries Type SPY on Gamma. Pick dates. Delayed snapshot for guests. QQQ is the same animal, noisier. NVDA is not SPY.

Как читать SPY GEX

Как читать гамма-экспозицию SPY — flip, call wall, put wall, 0DTE против всех экспираций — вечнозелёная карта для SPY, SPX и QQQ, не сегодняшние уровни.

Max pain is an expiry toy. GEX is hedge shove now. Max pain vs GEX Two magnets, two clocks. Schematic, not a live quote. Max pain GEX Which strike hurts holders most if this expiry settled here Input: open interest + intrinsic No gamma. No hedge story. Loudest near expiry, one date A settlement toy. Not a bid. We do not plot it as a trade. How hard contracts shove the hedge as price ticks now Input: OI x gamma, a dealer guess Call wall, put wall, gamma flip Loud all day, mix of expiries A positioning map. Still not an order. They can sit near each other.

Max pain против GEX

Чем max pain отличается от гамма-экспозиции — игрушка про расчёт на экспирации против пинка хеджа сейчас, почему они сидят рядом, и почему ни то ни другое не заявка.

Positive gamma versus negative gamma dealer hedge Positive vs negative gamma Usual dealer-hedge story. The assumption can be wrong. Not a trade. Positive gamma Negative gamma Dealers net long gamma Dealers net short gamma Hedge: buy dips, sell rips Hedge: sell weakness, buy strength Flow leans against the move Flow leans with the move Tape can get sticky. Range stories have a better chance. Tape can run farther than it should. Breaks can accelerate. Often above the gamma flip Often below the gamma flip

Положительная и отрицательная гамма

Что значат положительная и отрицательная гамма для хеджа дилеров — лонг-гамма против шорт-гаммы, липкая лента против разгона и почему gamma flip — линия режима.

Put/call ratio is puts traded versus calls traded, a positioning count not a forecast Put/call ratio Puts � calls (usually volume). A count, not a crystal ball. Not a trade. Call-heavy ~1.0 Put-heavy More calls traded than puts More puts traded than calls Which ratio? Volume PCR (todays tape) ` OI PCR (the book). Equity vs index vs total. SPY sits with equities. SPX with indexes. This site does not plot PCR. GEX is a different map: gamma by strike, not puts�calls. Cartoon scale. Thresholds on TV are folklore, not physics.

Что такое put/call ratio?

Что на самом деле такое put/call ratio — путы против коллов как счёт, PCR объёма против PCR OI, и почему это не VIX, не GEX и не прогноз.

SPX and SPY track the same market with different contracts SPX vs SPY Same index idea. Different paper. Two GEX maps. Not a trade. SPX / SPXW Index. Cash-settled. European-style. No shares. ~10� SPY notional. 0DTE lives in SPXW. Type SPX for this chain. SPY ETF. Physical delivery. American-style. Assignment. 100 shares per contract. Daily 0DTE too. Type SPY for this chain. Call wall on SPY is not the SPX call wall. Same weather, different book. Specs cartoon. Not tax advice and not a which-to-trade list.

Опционы SPX vs SPY

Чем опционы SPX и SPY различаются — кэш против акций, размер, 0DTE как SPXW против SPY, и почему каждый тикер — своя карта GEX.

Volatility smile and skew: implied vol by strike, one line per expiry Volatility smile IV % by strike. Each line is an expiry. Dotted = spot. Not a live tape. IV % Spot OTM puts OTM calls Strikes Near expiry Farther Equity indexes usually smirk: puts richer than calls. That skew is insurance, not GEX.

Volatility smile и skew

Что такое volatility smile и volatility skew — implied vol по страйкам против GEX, почему индексные акции кривятся, и как читать smile на вкладке Gamma.

0DTE is an option on its last day, not a separate product What 0DTE is Zero days to expiry. Same-day option. Not a trade and not a live tape. Today 4 p.m. ET Clock hits zero. Contract is gone. A stage, not a product Monday: a 5-DTE call Friday: that same call is 0DTE SPY / SPX / QQQ list one every weekday Many stocks still expire weekly Gamma tab: isolate todays date. Same-day options are loud on GEX because gamma per contract is huge. They die at the close. Schematic clock. Not a session recap.

Что такое 0DTE?

Что на самом деле такое опционы 0DTE — zero days to expiry, почему они держат объём SPY и SPX, и почему гамма того же дня — магнит, который умирает на закрытии.

Gamma is how fast delta changes when the underlying moves What gamma is (the Greek) Delta is the slope. Gamma is how fast that slope changes. Not a trade. Call value Spot Delta = slope Near the money the curve bends hardest. That bend is gamma. One contract Delta: hedge shares now Gamma: extra shares if spot ticks Highest near ATM and near expiry Long the option = long gamma Short the option = short gamma GEX stacks this across the chain. Cartoon curve. Not a payoff diagram to copy.

Что такое гамма в опционах?

Что на самом деле такое грека гамма в опционах — как быстро меняется дельта, почему около денег и около экспирации гамма громкая, и как это складывается в GEX.

Implied volatility is backed out of an options price, not measured from the tape What IV is Price in. Model. Vol out. Not a forecast of direction. Not a trade. Option price Premium Pricing model Black-Scholes& Implied volatility IV % What it is not Not realized vol. Not VIX (VIX is a 30-day SPX basket). Not GEX. GEX stacks gamma. Smile plots IV by strike. High IV means the market charges more for movement. It does not say up or down. Cartoon pipeline. Not a live quote.

Что такое implied volatility (IV)?

Что на самом деле такое implied volatility — вола, которую модель вытаскивает из цены опциона, чем она отличается от реализованной волы и VIX, и как она выглядит на smile.

VIX is a 30-day implied-vol basket from SPX options, not a fear meter What the VIX is 30-day expected vol from a strip of SPX options. Magnitude, not direction. Not a trade. SPX options strip Near-term calls & puts Next-term calls & puts Weighted ~2337 DTE One number: VIX Annualized expected move 20 VIX H ~1.3% / day (rough 252) This site does not plot VIX. Smile is IV by strike on the ticker you typed. Different map. Cartoon basket. Not Cboe methodology and not a live quote.

Что такое VIX?

Что на самом деле такое VIX — 30-дневная корзина implied vol из опционов SPX, почему это не измеритель страха и не направление, и чем он отличается от IV контракта и 0DTE.