0DTE Delta Decay: Intraday Dealer Hedging Quantified The final word on 0DTE hedging flows When Cboe introduced daily options in $SPX, it forever changed market dynamics. Very swiftly, “0DTE” options became half of all SPX flow, but not at the expense of the other tenors. The

Good Morning! We are still rangebound as a strong rally couldn’t get close to the 7000 strike. SPX closed up .25% With the rise yesterday, skew and IV fell quite a bit. Markets are off this Monday, so strong undervixing makes sense. Today is opex, and while I’m seeing the

Trader's Workshop | The Brew Ep. 406

Good Morning! The Supreme Court delayed their tariff decision again and the market closed down .5%. We are stuck in a range between 6900 and 7000, with just a little momentum peeking below. This is the range we have been calling out for the past 2 weeks that we would stay

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Good Morning! Markets closed down .2% despite a ‘favorable’ CPI reading. I put that in quotes because it is rare that a slowdown in economic activity is favorable, but we live in a world where FOMC rate decisions are the focus. For most of the day, we were trading at the 6950

Occasionally I read through social media, and I come across two different classes of faux dealer positioning services: 1. Services that are technical in nature about dealer positioning dynamics around delta, gamma, and other movement-based greeks; and 2. Services for

Good Morning! With many catalysts this week, but none yesterday, SPX advanced .2%. Today is CPI data, which does not have a lot of event vol associated with it. Today’s straddle price is $30, when yesterday was $27. That was before the weekend news of a JPow-Trump legal

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Our time series of delta decay is proof this has a significant impact on intraday flows, with negative delta decay implying positive hedging flows. Further, you can use charm to identify the timing of the decay as it is hedged, allowing for better intraday scalp timing. All of

Jan. 12, 2026 - Market Moves with Volland: Dealer Positioning & Trade Strategies #optionstrading #volatility #impliedmoves #impliedvolatility #marketdata #optiongreeks $SPX $QQQ @darkmattertrade

Good Morning! Headline jobs data came in modestly under expectation, yet SPX still rallied .65%. I had mentioned in detail how skew was dramatically overpriced based on dealer positioning and 3-month historical skew, and how that would result in an initial bullish surge that

Good Morning! Markets held a narrow range and closed flat. Premium sellers must have celebrated, although without a large condor applied at the end of the day it feels like there aren’t as many premium sellers. Today is the NFP report which will give a best look at the labor

New Year, Old Rules: Options Resolutions That Actually Improve P&L | The Brew Ep. 403

Good Morning! 6950 rejected and SPX tumbled .3%. Tomorrow is the release of NFP data with expectations below 100K jobs created. I discussed the issues with adjustments to this data before, so I won’t repeat it. This is indicative of an anemic labor market, likely losing jobs

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Good Morning! Markets rose another .6% close to all-time highs. Once we passed 6900, there was a negative gamma gap that ran to 6950. I didn’t know if we’d hit it yesterday morning, but we did and the run ensued. Tomorrow is NFP data, and markets have seen overvixing going into

Good Morning! We saw a rally past 6900 but it couldn’t sustain. The markets closed .6% higher. Markets seemed to shake off Venezuela as oil began to rally off the lows. While that decision was shocking and swift, the market seems to think that there will be little impact to the

Good Morning! The last day of holiday trading produced a .2% gain in SPX. The news over the weekend is the story right now as America swiftly struck Venezuela and extracted their socialist leader, Nicolás Maduro. I saw a lot of happy Venezuelan rallies, particularly from

Jan. 5, 2026 - Market Moves with Volland: Dealer Positioning & Trade Strategies #optionstrading #volatility #impliedmoves #impliedvolatility #marketdata #optiongreeks $SPX $QQQ @darkmattertrade

Good Morning! A drop of .75% right before New Years Day. Today is the last day to expect low liquidity. The government comes back to work next Monday, so we do not get an employment report until next Friday. The drop last Wednesday tested the 6850 support, and the bounce in the

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