BackQuant Glossary
Range
A price regime bounded by clear support and resistance, with mean-reverting behaviour inside. Ranges are most likely in positive-gamma environments and tend to compress as expiry approaches.
Related terms
Regime
The character of price action over a period: trending or ranging, high-vol or low-vol, positive or negative gamma. Regime classification is the single most important input to strategy selection. A signal that works in one regime often fails in another.
Resistance
A price level where selling pressure has historically appeared and price has stalled or reversed. Strong resistance often coincides with call walls, max pain, prior highs, or round numbers. A confirmed break of resistance often produces follow-through.
Expiry
The date and time at which an options contract settles. After expiry, an option pays out its intrinsic value or expires worthless. Crypto options on Deribit expire Fridays at 08:00 UTC.
Gamma
A second-order Greek measuring how much delta changes per one-dollar move in the underlying. Gamma is highest for at-the-money options near expiry. Long option positions are always long gamma; short options are short gamma. Gamma is the input to gamma exposure.
Support
A price level where buying pressure has historically appeared and price has stalled or reversed. Strong support often coincides with put walls, max pain on the downside, prior lows, or round numbers. A break of support often signals a regime change.
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