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The options field guide

Understand the data.
Work through an example.

Free explanations of gamma exposure, open interest and volatility. Read the reasoning, explore a hypothetical case and check what the evidence can tell you.

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Modeled contributions +80, −50 and +20 have net +50 and gross magnitude 150.+80−50+20Net +50Gross 150Model contributions · $ delta per 1% move
Free guide 7 min
Understand net and gross gamma exposure, calculate a worked example, and see how missing data and position assumptions change a GEX chart.
Session trade volume builds while a prior dated OI report remains unchanged.Session volumePrior OI report5003010 + 20 printsDated, not liveNew volume does not reveal today's ending OI
Free guide 6 min
Learn why options volume and open interest differ. Follow opening, closing and transferred positions through an interactive two-ledger example.
Realized volatility measures past returns; implied volatility comes from option prices.Realized RVImplied IV24%32%NowMeasured history and price-implied estimates differ
Free guide 6 min
Understand implied volatility crush with hypothetical before-and-after option prices. Separate the stock move, time and volatility from realized profit.