Glossary
Every word QuantX uses, what it means, and — on its own line, because it is half the definition — what it does not mean.
Every term here describes where positioning sits. Every one of them can be read as what price will do. That second reading is the one this page exists to refuse.
The spot price at which aggregate dealer gamma changes sign — above it dealer hedging leans against moves, below it hedging chases them.
Not A target, a support level, or a line price is drawn toward. It is a boundary between two hedging behaviours, and the behaviours are what matter, not the number.
FROM `gex_zero_gamma.solve_zero_gamma(...).primary` — solved across a range of hypothetical spot prices, not read off a strike.
The strike carrying the largest call gamma — where dealer hedging of calls is most concentrated.
Not A ceiling. Concentrated hedging can cap a move or accelerate through it depending on the regime; the wall says where the concentration is, not which of the two happens.
FROM `options_data.call_wall`, from the chain's per-strike profile.
The strike carrying the largest put gamma.
Not A floor, for the same reason the call wall is not a ceiling.
FROM `options_data.put_wall`.
The strike with the largest absolute net gamma — the single loudest strike in the book regardless of side.
Not The most important level. It is the largest one, which is a different claim; a smaller strike nearer spot often matters more to a session.
FROM `tv_levels._control_node` — `max |net_gex|` over the profile.
The strike where call open interest crosses put open interest.
Not The gamma flip. They answer different questions — this one counts contracts, the gamma flip solves a hedging curve — and they routinely sit at different prices.
FROM `options_data.oi_crossover_strike`.
The strike at which the largest total value of open contracts would expire worthless.
Not A magnet, a forecast, or a claim that price gravitates there. It is an arithmetic property of the book as it stands.
FROM `options_data.max_pain`.
Aggregate dealer gamma across the book, in dollars per 1% move, dealer convention — dealers long calls, short puts.
Not Comparable across symbols without a denominator. A number this size means one thing on SPY and another on SLV; that is what the tilt is for.
FROM `total_gex ÷ 1e9`.
Net gamma divided by the gross dollar gamma in the same profile — the normalized version of the number above, so two symbols can be compared.
Not Normalized by market cap or by volume. Neither is computable from this product's feeds for every symbol it serves, and a normalization that exists for some symbols only is a comparison trap.
FROM `total_gex ÷ Σ|net_gex|`.
How far spot sits from the gamma flip, as a percentage, positive when spot is above it.
Not A measure of how likely the flip is to be reached. It is a distance.
FROM `(spot − ZG) / ZG × 100`, computed server-side so nothing derives it a second way.
How much the book's aggregate delta changes when implied volatility moves one point — positive means a volatility drop makes dealers buy.
Not A volatility forecast. It says what hedging does *if* vol moves, not whether it will.
FROM the Black–Scholes path, dealer convention, same as every gamma figure.
The delta the book sheds as the clock runs down toward expiry, in the trader decay convention.
Not A schedule. Charm's value really is a schedule — how the drift builds through a session — but the wire carries one capture, and a curve drawn through one point is data that does not exist. Absent rather than approximated whenever it could not be computed on an honest intraday time-to-expiry.
FROM the same Black–Scholes path.
Net dealer gamma of the strictly same-day expiry book, on its own.
Not Missing when it is zero. `0.00` is a real answer — the book exists and is negligible. **Absent** on a V2+ code means the chain has no same-day expiry at all, which is the honest unavailable state.
FROM the same scaling as `NET`, restricted to today's expiry.
Spot plus and minus the at-the-money straddle mid — the move the options market is pricing for the session.
Not Our estimate, and not a range price is expected to respect. Saying a level sits outside it needs no backtest: it is the market's own number, quoted back.
FROM the ATM straddle, from the chain.
How often price has historically reversed at this kind of level, measured on archived sessions, with the sample size printed beside it.
Not A probability for today, and not a quality score. An empty tier means *unknown* — no measured history — which is different from WEAK and is never shown as WEAK.
FROM `levels_v2.tier_for` over the chain archive.
Which side of the gamma flip spot is on, and therefore which way dealer hedging leans — against moves, or with them.
Not A directional call. Both regimes happen in rising and falling markets; the regime describes how the tape behaves, not where it goes.
FROM the sign of net gamma at spot.
The ratio between a futures price and the price of the ETF whose option chain the levels were computed from — present only when a code is built for a futures chart.
Not A conversion we invented per level. One ratio, captured at the newest minute both instruments traded, applied to every level, so a label can print both the futures price and the strike it came from.
FROM `options_data.paired_futures_spot` — `futures_spot / proxy_spot`.
The instant the option chain behind a number was captured.
Not Now. Options data is derived from Cboe's delayed feed on every tier; a pasted code is one snapshot and does not update with the tape.
FROM the chain's own `last_trade_time`, carried on every export and printed rather than recomputed.