About

Dealer gamma (or vanna) in contracts through the next monthly OPEX, compared with history at the same days-to-OPEX. The chart compares the current session to past months at the same days-to-OPEX phase.

Instructions

Read today's line against the median for this phase of the cycle. Treat ABOVE AVG as a heavier dealer greek book into this OPEX, so hedge flows into expiry run hotter. Treat BELOW AVG as a lighter dealer book for this phase, so forced hedging into the print is muted.

Signals

• ABOVE AVG - Front-cycle dealer greek is high vs same days-to-OPEX history. Hedge flows into expiry are heavier than usual.
• TYPICAL - Near the historical median for this phase.
• BELOW AVG - Light vs history for this phase. Hedge pressure into expiry is muted.
• BUILDING - Same-phase history is still too short to classify.

Tabs

• Gamma - Front-cycle dealer gamma vs same days-to-OPEX median.
• Vanna - Front-cycle dealer vanna vs same days-to-OPEX median.