🌍 Whole Market — the option market as a whole
Every other page is about one ticker. This one is about all of them at once: how many have dealers short gamma, how expensive options are across the board, how that has moved over a year, and which groups stand apart from the rest.
Two versions share this name: the Market page (below) and the Full market dashboard (at the end). The menu opens the right one for you.
The backdrop — ten funds everyone watches
Stocks, bonds, credit, gold, oil, the dollar and volatility, one row each. Click a row for that fund's card.
| Column | How to read it |
|---|---|
| Close · 1d · 20d | Price and its change over a day and 20 sessions. |
| Gamma · For · vs flip | Which side dealers are on (long = calming, short = amplifying), for how many sessions, and how far the price is from the flip. |
| IV 30d · IV rank | The price of options, and where it sits in the last year (0 low – 100 high). |
| Exp. move | The ±1σ move the options price for the next 30 days. |
| Move | The page's grade of whether a bigger or smaller move than usual is priced. |
The six numbers
Choose the market with the buttons (stocks · ETFs · futures). The line under it says how many tickers are counted.
| Number | How to read it |
|---|---|
| % have dealers short gamma | The share of tickers whose dealers amplify moves. A high share = a jumpier market. Compare it with the year's typical value on the chart below. |
| median IV rank | The typical ticker's IV against its own last year (0 low · 100 high). |
| at IV rank 80+ / 20− | How many sit at the expensive and at the cheap extreme. |
| graded for a bigger move | Tickers whose option book is set up for a larger-than-usual move. |
| closed through a wall tonight | Tickers that closed through yesterday's call or put wall. |
| had dealers change side | Tickers whose dealers flipped between long and short gamma tonight. |
One year of breadth
Two charts for the same list of tickers on every date (those captured on at least nine sessions in ten), so a line follows the market and not the list growing. Hover for a session's figure. Each chart says tonight's value beside "a typical session of the year".
| Chart | What it tells you |
|---|---|
| Tickers with dealers short gamma | Spikes mark stress. A reading well above its typical value = a market where moves get amplified. |
| Median IV rank | How expensive options are, market-wide. Low and falling = a calm, complacent market; high = fear or events. |
By sector
One row per group (sectors for stocks, asset classes for funds). Click a header to sort; click a row to open that group in the Scanner.
| Column | How to read it |
|---|---|
| Short gamma | The group's share of tickers with dealers short gamma, with a bar. |
| vs market | The group's share over the market's share. 1.0× = doing what the market does. 1.5× + = clearly more stretched than the market. |
| IV rank · IV 30d · IV−HV | The typical IV rank, IV level, and the gap between implied and realised vol. |
| Exp. move | The typical ±1σ move for 30 days. |
| 1d · 20d | The typical price change. |
| Bigger move · Changed tonight | How many tickers in the group are graded for a bigger move, and how many changed side tonight. |
The Full market dashboard
The same menu item opens the whole-market dashboard. It adds:
🧭 Universe index and status
An equal-weight index of the core stocks (started at 100), its change over 1, 5 and 20 sessions, and tiles for Breadth (share in long gamma and below their flip), Regime (total dealer gamma), Premium (median IV ÷ realised, share rich), Term structure (share in backwardation), Implied vol and Tape (put share of volume, turnover).
| Market reading | Typical meaning |
|---|---|
| long-gamma share 70 % +, backwardation under 15 % | Calm market. Premium selling usually works best. |
| long-gamma share under 50 %, backwardation 30 % + | Stressed market. Moves get amplified; size down and prefer defined risk. |
| rich share high but realised vol rising fast | Premium looks expensive but is catching up to real movement. Be careful selling. |
📊 The market over time
Pick a market line and a window; view as levels or indexed to 100. Pro tip: chart IV30 median with realised vol together — when implied drops toward realised after a scare, the premium-selling window is closing.
Leaderboards
Short lists of the most unusual names: unusual option activity, IV pops / crush, OI build / unwind, put or call flow surges, max-pain magnets, deepest long / short gamma, largest open interest, richest / cheapest premium, most bid downside skew, tightest wall corridor. Rank by "vs its own normal" (unusual for that stock — usually better) or "level" (raw size, which mostly picks big stocks).
🔄 State flips
Tickers where a reading changed sign recently, ranked by how long the old state had lasted. A state that held 60 sessions and just broke is bigger news than one that flips weekly. A flip is a change of state, never a direction.
🎯 Watchlists · 🌡 Vol radar · Explorer
Watchlists show where a structure wants to be (put credit spreads, call credit spreads, iron condors) with ✓ / ✗ / ? per condition and "met 5/5" for the best candidates; a ⚡ marks a report due soon. The Vol radar lists coiled (IV high) and quiet (IV low) names and a scatter of IV against realised — above the 1.2× line options are rich, below 0.85× cheap. The Explorer builds your own list from any reading.
Sector lift
Pick a state; each sector's lift = its rate ÷ the market rate. 1.3× + over-represented (a real group story) · 0.7–1.3× normal · 0.7× − under-represented. Ignore the count column.
A routine that works
- Backdrop and the six numbers: calm or stressed? Premium rich or cheap market-wide?
- The year: is the regime changing (short-gamma share rising, IV rank falling)?
- By sector: which group stands apart (vs market)?
- Open that group in the Scanner; then a ticker on Vs Sector & Market to see if its story is its own or the market's.