Cipher Spyglass: Liquidity and Flow Context
Spyglass adds the liquidity dimension that a pure positioning read leaves out, showing whether a level has the depth behind it to survive contact.
What does Cipher Spyglass do?
Spyglass maps where liquidity concentrates around the current price and pairs that map with the positioning levels from the Strike Matrix. A level backed by genuine liquidity behaves very differently on contact from a level that merely looks significant on a positioning chart.
Why does liquidity context change a positioning read?
Dealer hedging only moves price when the hedging flow is large relative to available liquidity. The same gamma exposure produces a sharp reaction in a thin tape and almost no reaction in a deep one, so liquidity context decides how much a level matters.