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Options summary

The /options summary is the front-of-curve health check. Eight tiles centered around the next major expiry: how far the market thinks price can travel, what skew is being paid for, where realized vol sits versus implied, and what dealers are doing today.

What it tells you

Where the GEX summary leads with dealer positioning, the options summary leads with market expectations: what is the option chain pricing for the very near term, and how does that match what has actually happened? The two summaries answer different questions on the same dashboard space.

The eight tiles

  • Time to next expiry, countdown in days / hours. Drives every other tile, since most read the front expiry.
  • Spot (index), the Deribit index price the chain is referenced to. Often differs slightly from your perp screen.
  • Expected move to expiry (1σ), ATM straddle premium expressed in dollars and as a percentage of spot. The market's pricing for "how far can we go."
  • ATM IV (front), at-the-money implied volatility on the front expiry. Big number = expensive premium = market expects movement.
  • 25Δ skew (puts − calls), difference between 25-delta put IV and 25-delta call IV. Positive = puts more expensive (fear bid). Negative = calls more expensive (greed bid / call buying).
  • IV vs realised vol, front IV minus 30-day realized. Positive = volatility risk premium; you're paid to be short vol. Negative = realized exceeds implied; you're paying up to own vol.
  • Put / call ratio, open-interest weighted P/C on the front expiry. Above 1 = more puts than calls (defensive positioning). Under 1 = more calls (offensive).
  • 0DTE dealer gamma, net dealer gamma exposure across same-day expiries. LONG gamma = pinning likely (dealers buy dips, sell rips). SHORT gamma = moves amplified (dealers chase price). The single most actionable tile on the card for intraday traders.
  • Notional expiring, total dollar notional of OI at the front expiry. Fat numbers around major monthly / quarterly expiries; thin numbers on the in-between weeklies.

How to use it

Three quick reads:

  1. Is vol cheap or expensive? ATM IV + IVRV tile. High IV with negative IVRV (realized exceeds implied) = vol is still cheap relative to what's actually happening; long premium has edge. High IV with positive IVRV = vol is rich; short premium has edge.
  2. What does the market fear? 25Δ skew tile. Positive skew = puts bid relative to calls; the option market is paying up for downside protection. Sign of stress (or anticipated stress).
  3. What will dealers do today? 0DTE dealer gamma tile. Long-gamma sessions are mean-reverting. Short-gamma sessions trend hard.

Where to drill in

The full /options dashboard breaks each tile into its own panel: chain, IV term structure, skew term structure, IV vs RV history, P/C ratio history, dealer-gamma profile, expected-move confidence cone. Click into any tile's underlying panel to see how the current reading compares to the last 30 days.