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Foundations

From your first option to reading dealer positioning.

Six short lessons that build from the contract itself to how dealer hedging shapes where price goes. Mechanics, in plain English.

Dealer gamma vs. spot
Negative — amplifyingPositive — stabilising
AMPLIFYINGmoves trend / accelerateSTABILISINGmoves mean-revert / pinGAMMA FLIPspot price →lower

Hover the curve to read the regime at any spot. Where it crosses zero — the gamma flip — dealer hedging switches from leaning against moves to chasing them.

  1. 01

    Options 101

    6 min

    Calls, puts, strike, expiry — the contract itself.

  2. 02

    The Greeks

    7 min

    Delta, gamma, theta, vega — how an option's value shifts.

  3. 03

    Implied vs Realized Vol

    6 min

    What volatility actually measures, and the two kinds.

  4. 04

    Dealers & Why They Hedge

    7 min

    Who's on the other side, and why they must trade.

  5. 05

    Gamma Exposure (GEX)

    8 min

    The market’s hidden spring — and where it flips.

  6. 06

    How Positioning Moves Price

    7 min

    Pinning vs acceleration: why levels hold or break.

The destination

Then see it live.

The terminal shows every print and every dealer level in real time. The lessons end exactly where it begins.

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