Nightwatch Glossary
Options market structure glossary
Public bilingual definitions for the GEX, Dealer GEX, 0DTE, volatility, options-flow, and dealer-positioning terms used by Nightwatch.
Terms
- GEX - GEX measures how option dealer hedging pressure may change as the underlying price moves.
- Dealer GEX - Dealer GEX focuses on dealer-side exposure and how hedging pressure can concentrate around key strikes.
- Charm - Charm describes how option delta changes as time passes, holding other inputs roughly constant.
- Vanna - Vanna measures how option delta changes when implied volatility changes.
- Gamma Flip - Gamma Flip is the price area where aggregate gamma exposure changes sign.
- Vol Trigger - Vol Trigger is a reference level where price movement may become more sensitive to volatility and hedging effects.
- Call Wall - Call Wall is a strike area with concentrated call exposure that may act as an upside reference.
- Put Wall - Put Wall is a strike area with concentrated put exposure that may act as a downside reference.
- 0DTE - 0DTE options expire on the same trading day and can create fast-changing intraday structure.
- IV Rank - IV Rank compares current implied volatility with its historical range.