Why the missing 0DTE condor flow left SPX in negative gamma below its risk pivot, and which levels mark the difference between a bounce and a retest.
0DTE
Relatively Few Traders Are Positioned For The Right Tail
SPX right tail risk may be under-owned: the whole vol surface lifted, flows leaned to call spreads, and put flies cap the cost of hedging 7,600.
A Tech-Led Rally the Volatility Surface Has Not Confirmed
A VIX skew slide, an unchanged volatility surface and negative forward gamma explain why this tech-led rally looks transient to options traders.
Traders Are Bidding The Put Wing Without Paying For Vol: Brent Kochuba On tastylive
How VIX expiration dealer positioning likely capped the VIX near 20, and what three-month SPX put skew suggests about hedging demand into earnings.
Index Put Demand Returns Ahead of Friday’s Jobs Report
Brent Kochuba, founder of SpotGamma, on tastylive: index put demand, same-day options flow, and why weekly vol prices almost no risk premium.
NDX Call Skew Has Room While S&P Vol Contracts: Kochuba on tastylive
Brent Kochuba of SpotGamma joined tastylive September 22 on vol expansion, NDX call skew and the dispersion rebuilding across tech.
Gamma Guy: S&P 500 Realized Volatility Is the Lowest Since 2020
Brent Kochuba, founder of SpotGamma, joined tastylive Tuesday to explain why S&P 500 realized volatility sits at 2020 lows ahead of FOMC and a huge OPEX.
S&P 500 Negative Gamma Below 7,600 — Brent Kochuba on tastylive
Brent Kochuba, founder of SpotGamma, joined tastylive Thursday to map S&P 500 negative gamma below 7,600, a lifting vol surface and Oracle’s call skew.
Gamma Guy with tastylive: Options Positioning Pins the Index While Tech Names Make Moves
Brent Kochuba, founder of SpotGamma, broke down September OPEX positioning, 0DTE flows and cheap IWM hedges on tastylive Tuesday, September 8.
FOMC Reset: Vol Crushes, Stocks Lift Higher
Last week began with quiet anticipation of Wednesday’s FOMC. When the Fed announced the 25 basis point rate cut and Treasury bill purchases, the reaction was immediate. Equities surged, with the SPX breaking out above our 6,845 Volatility Trigger to approach all-time-highs near the 6,900 resistance level. The options market had priced in meaningful event-related volatility surrounding FOMC, and […]