Cipher Night Vision: Overnight Positioning
Night Vision answers the first question of every trading day: what changed in dealer positioning while the market was closed.
What does Cipher Night Vision show?
Night Vision compares the current positioning profile against the prior session close and then highlights which strikes gained open interest, which strikes lost open interest, and how far the gamma flip level moved overnight in response to all of those accumulated position changes.
Why does overnight positioning change matter?
A call wall that lost most of its open interest overnight is no longer a wall, even though the strike price on the chart is unchanged. Trading yesterday's levels into today's book is one of the most common and most expensive positioning mistakes a trader makes.
When should a trader check Night Vision?
The Obsidian desk checks Night Vision before the opening bell as the first step of the premarket routine. Reviewing overnight positioning change takes a few minutes and determines which levels from the prior session remain worth marking on the chart today.