🆚 Vs Sector & Market — the ticker against its sector and the market

Other pages compare a ticker with its own past. This page compares it with its sector and the whole market on the same day. That is the difference between "NVDA's options are cheap" and "the whole market's options are cheap, and NVDA is just one of them". It then says which kind of structure the option book supports today.

💡 The three layers Every reading is sorted into one layer:
market — most stocks are at the same extreme: a market regime, the ticker is a passenger.
sector — the sector is unusual but the market is not: a group story.
NAME — neither the sector nor the market is unusual: this reading belongs to this ticker. These are the most interesting.

⚠ No side, on purpose This page never says "bullish" or "bearish". It decides structure (sell premium, buy premium, a calendar…) and warns about size, because the measured tests found no reliable direction in these readings.

New words? Glossary. The data is the whole market's panel, rebuilt every night.

Top tiles Premium & tape What the book has drawn What that argues for Three layers Against the index Routine

The top tiles

Tile	How to read it
Premium	RICH / FAIR / CHEAP: what options cost against how much the stock really moves. A ⚠ means one unusual day decides it (raw and trimmed ratios disagree).
Tape	PINNED (dealer hedging calms moves) / MIXED / AMPLIFYING (hedging adds to moves).
Side	Always NONE, by design.
Where the market is	The share of core stocks in long gamma, pricing rich premium, and in backwardation — the context for everything else.

Premium and Tape: the conditions

Each card lists its conditions. The verdict is a count of agreeing conditions, not a weighted score, so you can check each one.

Verdict	Rule
Premium RICH	Net +2 or more conditions say expensive (IV30 ÷ realised ≥ 1.2 is the main one).
Premium CHEAP	Net −2 or fewer (ratio ≤ 0.85).
Premium FAIR	In between.
Tape PINNED	Net +2 or more say dealer hedging dampens.
Tape AMPLIFYING	Net −1 or fewer.
Tape MIXED	In between.

🎓 Pro tipWatch the tape condition "this regime has held N sessions". A regime only 1–3 days old is usually chop — the book crosses back and forth. An established regime (weeks) is a real statement.

What the book has drawn

A picture of the corridor: put wall, γ flip, max pain, the price and the call wall on one line, with the zone between the walls shaded. The table gives each level's price, its distance from the price, and its distance in σ of the chain's own 30-day move.

Distance in σ	Meaning
under 1σ	The market's own pricing expects this level to be tested within a month.
1σ – 2σ	Reachable, but less likely.
beyond 2σ	"Scenery": unlikely to matter within a month.

σ puts every ticker on one scale: 8 % is nothing for a stock moving ±20 % a month and a lot for one moving ±3 %.

What that argues for

A lookup from the premium × tape combination. Build and price any of them on Trade by Expiry.

Premium	Tape	Structure	Why
rich	pinned	Iron condor between the walls	Options expensive and moves dampened: the classic premium-selling setup.
rich	amplifying / mixed	Defined-risk credit spread	Premium is rich because moves are amplified; sell it only with defined risk.
cheap / fair	pinned	Calendar / diagonal at the pin	The front decays into the pin while the cheap back month keeps optionality.
cheap / fair	pinned / mixed	Debit vertical to the wall	Cheap debit; the wall is the natural short strike.
cheap	amplifying	Long straddle / strangle	Paying for movement is cheap and moves get amplified.
cheap / fair	amplifying	⛔ Naked / ratio short: AVOID	Not paid enough, and moves are amplified.
fair	mixed	No trade	No edge to act on.

What would change it lists the triggers — for example "the tape stops behaving like this at the γ flip, X % below the price".

Where the ticker sits: the three layers

Column	How to read it
reading · value	The metric and today's value.
own %	Percentile against this ticker's own recent history.
market %	Percentile against all core stocks today.
sector median	The sector's typical value, and how unusual that is for the sector.
market median	The market's typical value, and how unusual that is for the market.
5d Δ	Change over 5 sessions.
this is a…	NAME / sector / market / — (see the layers box above).

Percentile	Colour	Meaning
90 – 100	bold	very high
80 – 89	green	high
21 – 79	grey	ordinary
11 – 20	red	low
0 – 10	bold	very low

Filter by family (gamma / flow / vol / levels) and by show (only name / sector / market stories). Click a row to chart the ticker against its sector median and the market median.

🎓 Pro tipSet show = name stories only. Those are the readings where this ticker differs from everything around it — the only place a ticker-specific idea can come from. A "very high IV" that is a market story is a reason to sell premium across many names, not to single this one out.

The ticker against the universe index

The index is the equal-weight return of the fixed core list of stocks.

Item	How to read it
window table	The ticker's % change, the index's % change, and the relative difference in points over several windows.
beta	How much the ticker moved per 1 % of the index. 1.0 = like the market; 1.5 = 50 % more; 0.5 = half. The last 20 sessions are shown too — amber if it shifted by 0.35 or more.
correlation	How closely daily moves follow the index.
relative strength	Ticker ÷ index (100 at the start), its percentile, and its 5-day / 20-day change. Rising = outperforming.

Correlation	Meaning
above 0.7	Mostly a market passenger.
0.4 – 0.7	Partly market, partly its own story.
under 0.4	Mostly moves on its own news.

A routine that works

Where the market is: what is the overall regime?
Premium and Tape for this ticker — and the ⚠ fragile flag.
What that argues for, and the σ distances to the walls.
Layers table, filtered to name stories: what is truly specific to this ticker?
Beta and correlation: will a market move drag this position?
Build the suggested structure on Trade by Expiry, sized with the market regime in mind.