Greek Exposure

Market makers are assumed to be delta-neutral — they hedge their directional exposure continuously. This chart shows the estimated hedging requirements that flow from that assumption, broken down by greek and expiration.

Gamma

Gamma is how much dealers must buy or sell spot as price moves. Positive gamma means they sell into rallies and buy dips; negative gamma amplifies moves.

Vanna

Vanna is how much dealers must buy or sell volatility as spot moves. It explains why vol often rises when price falls — dealers are forced buyers of vol on the way down.

Charm

Charm is how much delta bleeds away with time. Dealers must unwind hedges as expiration approaches, creating predictable intraday flows.

Vomma

Vomma is how much dealer vega changes as implied vol moves. High vomma means a vol spike forces additional vol hedging, accelerating the move.

Expiry open interest

Each column is total open interest on the latest chain snapshot day for one expiration date. Green is call OI stacked on red put OI. The quarterly filter includes 0DTE through standard quarter-end expiries.

• 0D — expires today (same session).
• M — standard monthly (third Friday, non quarter-end).
• Q — quarter-end monthly.
• Unmarked Fridays are weeklies between monthlies.

Coverage

All tabs use end-of-day chain snapshots with reported open interest by strike, aggregated to each expiry.

Badge states

• Call-heavy OI — calls > 55% of the stack.
• Put-heavy OI — puts > 55%.
• Balanced OI — neither side dominates.

Weekly OI profile

Horizontal open-interest profile by strike for weekly expirations only (Fridays that are not standard monthlies). Puts extend left, calls extend right from the center line. Strikes are clustered into bands sized from the chain ladder so structural levels stay readable.

• Amber dashed line — spot on the latest chain snapshot.
• Top calls / Top puts — three largest clusters on each side with strike and OI.
• Cluster subtitle — band width in points is shown in the frame subtitle.

Badge states

• Calls — call OI dominates near spot.
• Puts — put OI dominates near spot.
• Neutral — neither side leads by more than ~10% near spot.

Monthly OI profile

Same layout as the weekly profile, but filtered to standard monthly expirations (third Friday, non quarter-end). Summed across all matching expiries on the snapshot day — useful for longer-dated structural positioning beneath dealer gamma views.

• Opposing bars — put OI left, call OI right; brightest band is the largest total cluster.
• Low-OI clusters — bands below 1% of the chart peak are dropped as noise.

Coverage

All tabs use end-of-day chain snapshots with reported open interest by strike, aggregated into strike clusters.

Options chain

Market makers are assumed to be delta-neutral — they hedge their directional exposure continuously. Each tab shows strike-by-strike call and put dealer exposure for one Greek (or a combined sum of gamma, vanna, and charm).

Gamma

Gamma is how much dealers must buy or sell spot as price moves. Positive gamma means they sell into rallies and buy dips; negative gamma amplifies moves.

Vanna

Vanna is how much dealers must buy or sell volatility as spot moves. It explains why vol often rises when price falls — dealers are forced buyers of vol on the way down.

Charm

Charm is how much delta bleeds away with time. Dealers must unwind hedges as expiration approaches, creating predictable flows into expiration.

Vomma

Vomma is how much dealer vega changes as implied vol moves. High vomma means a vol spike forces additional vol hedging, accelerating the move.

Combined

Combined stacks gamma, vanna, and charm at each strike so you can see where total dealer hedging pressure clusters without switching tabs.

Volatility summary

The CBOE launched the VIX in 1993 following the 1987 crash to track expected volatility through S&P 500 options. This breakthrough paved the way for a whole suite of indicators, like skew, that measure internal market dynamics. Today, traders use these tools to see past surface-level price moves and uncover the hidden risks and structural forces truly driving the market.

Tabs

• VIX — Implied volatility on S&P 500 options.
• VVIX/VIX — Vol-of-vol vs spot VIX. Convexity demand — how much the market is paying for uncertainty about volatility itself.
• Dispersion — Nasdaq vs Dow implied correlation.
• Correlation — 21-day mega-cap vs index realized correlation.

Badge states

All tabs except correlation use full-history robust z-scores (median/MAD). Subtitles show level (z=±x.x) so the badge basis is visible on the chart.

• Red — z ≥ +2 stress vs full history.
• Orange — z between +1 and +2, elevated vs history.
• Green — z between −1 and +1, normal for that metric (not necessarily a healthy market).
• Blue — z ≤ −1, subdued vs history (compressed premium, calm convexity, etc.).
• Correlation — level + low-correlation stress z; green = aligned, not directional bullish.

Dispersion ratio

Dispersion measures the degree to which individual stocks are moving independently versus moving together. When stocks move in lockstep (low dispersion), it signals a macro-dominated, risk-on/risk-off market. When stocks diverge widely (high dispersion), it signals a stock-picker's market where fundamentals and idiosyncratic factors are driving returns.

This chart compares the implied volatility of the index against the implied volatility of its components. A high ratio means the index IV is elevated relative to its constituents — suggesting the market fears a coordinated move rather than individual stock events. A low ratio means individual stocks are pricing more risk than the index, which often benefits volatility-selling strategies on the index.

Badge states

• Extreme Setup — Ratio at window highs with COR3M in the basement. Highest decoupling stress.
• Decoupled Regime — Elevated ratio with low correlation index. Stock-picker's tape.
• Correlation Collapse — Implied correlation at window lows.
• Dispersion Lead — DSPX/COR3M elevated; idiosyncratic vol rich.
• Compressed — Low dispersion premium; macro lockstep.
• Neutral — Mid-range; no extreme skew.
• NO DATA — Insufficient dispersion history.

DIX / GEX

DIX (Dark Index) tracks FINRA-reported short volume as a share of total consolidated volume — a proxy for off-exchange institutional flow. GEX (Gamma Exposure) estimates aggregate dealer hedging pressure from the full SPX options chain. Together they pair hidden equity accumulation with options-market stabilization or amplification.

Rising SPX with falling DIX can suggest distribution beneath the surface. High DIX with positive GEX often coincides with quiet, supported markets; high DIX with negative GEX can mark bullish dark-pool flow into a choppy gamma environment. Use as a flow health check, not a standalone timing signal.

Badge states

• POSITIVE DIX — 5-day short ratio elevated vs its window or above the mean band.
• NEGATIVE DIX — Ratio depressed vs window or below the mean band.
• POSITIVE GEX — 5-day net GEX above the mean band with positive gamma; dampening bias.
• NEGATIVE GEX — Below the mean band with negative gamma; amplification bias.
• Mixed — DIX and GEX each get their own header badge when they disagree.

VIX term structure

The VIX term structure plots cash implied-volatility indices by tenor: ^VIX9D, ^VIX, ^VIX3M, ^VIX6M, and ^VIX1Y. These are forward-volatility statistics from S&P 500 options — not VX futures.

When the front tenor is elevated above the back tenor (backwardation), near-term stress is priced above longer-dated risk. In contango, near-term volatility is lower than later tenors, which is a more typical carry environment.

Badge states

• Contango — Upward-sloping cash VIX curve (VIX1Y above VIX9D). Normal carry environment.
• Backwardation — Front month above back months. Near-term fear elevated.