Glossary
Options Positioning Glossary
Every term the Obsidian desk uses when reading dealer positioning, defined in plain language and in the order a new trader meets each term. Each glossary entry states the definition first, then explains how the Obsidian desk applies the term to a live session.
What Is Gamma Exposure (GEX)? Dealer Gamma ExplainedGamma exposure explained: what GEX measures, how GEX is calculated, and why positive and negative gamma move price in opposite ways.What Is Vanna Exposure (VEX)? Dealer Vanna ExplainedVanna exposure explained: what VEX measures, how vanna exposure differs from gamma exposure, and when vanna drives the tape instead.What Is a Call Wall? Options Resistance ExplainedThe call wall explained: the strike holding the most positive gamma exposure, why the strike acts as resistance, and when a call wall breaks.What Is a Put Wall? Gamma Support Levels ExplainedThe put wall explained: the strike holding the heaviest put gamma, why the strike acts as support, and what happens when the level fails.What Is the Gamma Flip? Zero Gamma Level ExplainedThe gamma flip explained: the price where net dealer gamma turns negative, why volatility behaviour changes there, and how to find the level.What Does 0DTE Mean in Options?0DTE explained: options expiring the same day, why 0DTE gamma is extreme near spot, and what same day expiration changes for a trader.What Is Charm in Options? Delta Decay ExplainedCharm explained: how option delta decays with the passage of time, and why charm flows create predictable drift into a major expiration.What Is Dealer Positioning? Market Maker HedgingDealer positioning explained: who options dealers are, why dealers hedge, and how hedging becomes price pressure.Open Interest vs Volume in OptionsThe difference between open interest and volume in options, why positioning analysis depends on open interest, and when volume matters more.What Is Implied Volatility? IV and IV Crush ExplainedImplied volatility explained: what IV measures, why IV rises into scheduled events, and how IV crush damages long options after a release.What Is Max Pain in Options? Pinning ExplainedMax pain explained: the strike where most options expire worthless, whether the effect is real, and why gamma weighted levels work better.Options Greeks Explained: Delta, Gamma, Theta, VegaDelta, gamma, theta, vega, vanna and charm defined in plain language, with the role each greek plays in dealer hedging and in a position.
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