IBIT Premium prior 15min 8/22 expiry puts flipped for display 🟡calls 🔵puts 🔴(call-put) 🍊Convex Value $btc $ibit

IBIT Implied Move 📆 8/22 expiry 70% likely range: 62.74-67.52 (btc 109,230-117,552) 9/26 expiry 70% likely range: 56.87-73.77 (btc 99,010-128,433) 🔴 atm straddle 🔶 Convex Value $ibit $btc 🟧

SPX Dealer Delta Surface ☎️ -Market Makers add positive delta (buying) to hedge their book on spot moves down to 6380ish. further below & they begin adding negative delta (selling) & will assist downward price action. above spot they’ll be adding negative delta (selling) into

Expiring Market Maker Gamma ☀️ Lotsa market maker negative gamma expiring today & the following 2 days, on net. this represents customers reducing long exposure into jackson hole, perhaps indicating a dampened expectation for volatility. chart: GammaLab $spx $spy 🌊

SPX Flow ♾️ -volatility & the Prop3 calc crank higher as deltas plummet alongside spot price. a positive & rising Prop3 calc suggests a bottoming formation, perhaps turning into afternoon chop or a reversion rally. increasing volatility is long puts opening & could be marking

SPX Dealer Delta Surface ☎️ -Market Makers buy to hedge on spot moves up to 6380ish, further above & they’ll sell to hedge their deltas. below current spot more selling to hedge, adding fuel to the fire. 🪀 Convex Value $spx $spy 🍽️

SPX Dealer Delta Hedging Map📍 there’s a path of least resistance for dealers to eod 6350. currently a pile of positive deltas in aggregate market along with lotsa o i& volume too boot. aggregate market deltas flip negative above 6380 with huge call & put oi at 6400. lotsa

SPX 0dte IV Skew call iv edging puts above & below current spot. put iv takeover above 6380 & below 6320. moving fast with news & data on tap yet this morning. 🟡 calls 🔵 puts 🔴 (call-put) 🛢️ Convex Value $spy $spx

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CTA positioning in WTI Crude Oil 🛢️ Firms are still long oil but looking like a roll over as potential improvement in european & middle eastern wars alongside increased production begin to impact supply outlook. chart:GammaLab $wti 🌊 x.com/_justinjc_/sta…

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SPX Flow ♾️ -deltas & prop3 fell off the open as iv chopped sideways. in the prior 30min deltas turnt up as iv faded. the prop3 calc is negative & moving sideways now and deltas may be rounding off & still net negative for the session. are we at the ceiling for the day &

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USTs: Jackson Hole remarks steepening visualized. Futures: ZFU5 heading upward toward longer term resistance while UBU5 trailing. Cash: US 20s30s new high as the market has removed the long standing curve kink at the 20yr point.

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SPX Dealer Delta Hedging Map📍 resistance via dealers selling to hedge their book deltas begins in earnest above 6490-85. into eod, hedging support centers around 6440-55. dealers have a couple zones around spot providing little hedging requirement & a path of least resistance,

SPX Dealer Delta Surface ☎️ -Market Makers add positive delta (buying) to hedge their book on spot moves down to 6360ish. further below & they begin adding negative delta (selling) & will assist downward price action. above spot they’ll be adding negative delta (selling) into

IBIT Delta Notional puts in control above and below spot with calls making an appearance at 61-50 & 55-53. big ole pile of puts sitting at 66 & 68 puts > calls 1.6:1 friday 8/29 expiry ⛲️ Convex Value $ibit $btc 🛺

Market Maker Gamma Exposure Flip☀️ prior 3 months the gex flip strike rose from 5645 to 6380. Is the current sideways action indicative of a rollover or is it a pause before the next leg up? chart: GammaLab $spx $spy 🌊 x.com/_justinjc_/sta…

SPX Flow ♾️ -vol up a bit in prior hour as the prop3 calc dumps with deltas as spot price pulls back from the daily high. 🚦Convex Value $spx $spy 🚥