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Structural Exit of Upside ITM Puts One of the clearest early signs that a market is ready to release the handbrake comes when you see large hedgers unwinding deep in-the-money (ITM) puts. These po…

Basic Context: What Is IV Rank? IV Rank tells you where the current implied volatility (IV) sits relative to its range over the past 12 months. For example, an IV Rank of 8.8 means that current im…

What is Gamma Exposure? Gamma, in options terms, is the rate of change of an option’s delta relative to changes in the underlying asset’s price. Dealers, market makers and liquidity providers, are…

Why Traders Love 0DTE Options At their core, 0DTE options offer something every trader seeks: leverage on very short-term price moves. For day traders and tactical players, they provide exposure t…

Why 0DTE Options Are Different By definition, 0DTE options are the same as any other options contract, except they’re on their final day of life. This means they have extremely high gamma, meaning…

What Are Zero DTE Options? Zero DTE simply means zero days to expiration. DTE stands for “days to expiration,” so these are options that expire today. On the last day of their life, an option will…

Start On The Dashboard: See The Big Picture Every solid options session begins with a top-down scan. Before you dig into a single chart, you need context for what the broader positioning and volat…

What Are American And European Options? At the core, the difference comes down to when you can exercise your right as the option holder. American-style options allow you to exercise your optio…

Why Sell Options At All? When you sell an option, you become the “insurance provider.” You receive a premium upfront for taking on an obligation that may or may not get exercised. You’re essential…