Lessons
How to read an options exposure map, one idea at a time. Each lesson stands alone, and none of them needs an account.
Start here
What the map measures
- Long and short gammaTwo states the book can be in: hedging that leans against a move, or with it.
- GEX vs VEXGEX reads the hedge against price. VEX reads it against implied volatility.
- DEXThe directional lean of dealer hedging at each strike: a lean, not a level.
- CharmHow dealer delta shifts as time passes, with price and volatility unchanged.
- Flow-derived vs open interestTwo families of map, always labelled, and how to read them apart.
Around the levels
- Dark-pool levelsLarge off-exchange prints, reported after the fact, and how to read them on a chart.
- Expected moveThe range that options price in for a horizon, and how to read a day in sigma.
- Air pocketsBetween large levels the map can show very little size. That does not promise a fast move.
- Outside termsCommon words for the same ideas, and the names Æther uses for them.
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Not financial advice. Æther is for education and information only. Options trading involves substantial risk and is not suitable for every investor; you can lose more than you invest.