Market Structure Glossary
Plain-English definitions of the dealer flow concepts that drive markets. Every term is explained the way it matters for your trading — not the way it appears in a math textbook.
What Is Vanna in Options?
Options Market StructureVanna is the options Greek that measures how dealer gamma changes as implied volatility moves. Learn what vanna is, why it drives intraday acceleration, and how to read vanna flips.
What Is a Gamma Flip?
Options Market StructureThe gamma flip is the price level where dealer positioning shifts from positive to negative gamma — a major support/resistance zone that traders track daily. Learn how to trade it.
What Is Gamma Exposure (GEX)?
Options Market StructureGamma exposure (GEX) measures how market makers' hedging flows move as the price changes. Learn what gamma exposure is, how to read a GEX chart, and how GEX by strike reveals support and resistance.
What Is Charm in Options?
Options Market StructureCharm (delta decay) is the options Greek that measures how dealer gamma changes with time. Learn what charm is, how time decay reshapes dealer positioning, and why it drives end-of-day behavior.
Volatility Skew
Options Market StructureVolatility skew is the difference between implied volatility across strikes. Learn how skew reveals hedging demand and what it tells you about market fear.
Dealer Positioning
Dealer FlowDealer positioning shows the net gamma and hedging posture of options market makers — the flow that silently drives support and resistance in every market.