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LiveGexLevels Guide 6 articles
Who moves the price, what GEX measures and how to read the levels: the guide to LiveGexLevels.
LiveGexLevels Guide #1 · 6 min video
Who moves the price? Gamma exposure (GEX) explained
Three forces move the S&P 500 during the day. Why option hedging is the one you can read, who the dealers are and what a GEX wall is.
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LiveGexLevels Guide #2 · 8 min video
The only two real edges in options
Selling fear and reading the dealers during the session: where each options edge comes from, what it costs you, and why both can lose money.
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LiveGexLevels Guide #3 · 9 min video
Only ES and VWAP? You're missing a big slice of the action
SPX, XSP, SPY, ES and MES: one index, five instruments, and two different volumes to read. LiveGexLevels Guide #3, with the video.
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LiveGexLevels Guide #4 · 11 min video
Positive gamma: what does it mean?
Who buys the call you sell, how the market maker hedges it with ES, and why positive gamma brakes the price. LiveGexLevels Guide #4, with the video.
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LiveGexLevels Guide #5 · 11 min video
Negative gamma: what does it mean?
Who sells the put you buy, how the market maker hedges it with ES, and why negative gamma tends to widen moves, not pick a side. LiveGexLevels Guide #5.
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LiveGexLevels Guide #6 · 8 min video
The gamma flip: why does gamma change sign?
Why market makers' gamma is negative below the price and positive above, where the total changes sign, and what studies say. LiveGexLevels Guide #6.
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Options School 7 articles
Options from scratch: what they are, how their price moves, buying and selling them, one idea at a time.
Options School #1 · 9 min video
What are options? From a farmer's put to the S&P 500
What an option is and where it comes from: the farmer's put, the forward, the clearing house and the four words behind every option. Options School #1.
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Options School #2 · 13 min video
Call options explained: the long call, its payoff and the Greeks
The long call: the hockey stick at expiry, the softer curve before it, delta, gamma, theta and vega, and why being right isn't enough. Options School #2.
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Options School #3 · 8 min video
The long put: insurance on the index
What a put buys, its payoff at and before expiry, its greeks, and why volatility amplifies it on the index. Options School #3, with the video.
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Options School #4 · 13 min video
In, at or out of the money: sell or exercise?
ITM, ATM and OTM explained, and why selling an option before expiry almost always beats exercising it. Options School #4, with the video.
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Options School #5 · 9 min video
The short call: covered call and collar
Why the short call is feared, why sellers collect time value, and how the covered call and the collar cover it. Options School #5, with the video.
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Options School #6 · 10 min video
The short put: selling insurance after a fall
Why some sell a put after a fall, the greeks that work for the seller or against, how much you can lose, and the cash-secured put. Options School #6.
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Options School #7 · 15 min video
The greeks explained: delta, gamma, theta and vega
What delta, gamma, theta and vega measure, the surprise behind each one, and the four positions, bought and sold, side by side. Options School #7.
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Free guide: scalping and 0DTE trading
36 pages on the trading day, the techniques, risk and how to read the levels. PDF, English, Italian and Spanish. Free with the newsletter.