THE CONCEPT LIBRARY

The concept library.

Every idea Orogex renders, explained in plain language. Free, for everyone, forever.

THE UNIFYING IDEA

Options market makers must hedge mechanically by trading the underlying. That forced buying and selling shows up as support, resistance, and volatility shifts at specific prices. Four lenses describe it: gamma — how hard dealers hedge. Delta — directional tilt. Vanna — vol-driven rehedging. Charm — time-decay rehedging.

FOUNDATIONS · 1

Options Greeks 101

Five numbers describe how an option's price moves — everything else in this library is built from them.

CORE CONCEPTS · 11

Gamma Exposure

The market's force map: how hard dealers must hedge, and where.

Gamma Squeeze

A surge of call buying that forces dealers to keep buying — until it doesn't.

Gamma for Futures

You don't need to trade options to feel dealer hedging — it shows up on the futures chart too.

Delta Exposure

Where gamma measures how hard dealers hedge, delta measures which way they lean.

Vanna and Charm

Two quieter forces that reshape dealer hedges without price moving at all.

OpEx Effects

As expiration nears, gamma concentrates near the money — and the market behaves differently because of it.

0DTE Flow

Options that expire the same day compress a month of gamma mechanics into a single session.

Volatility Analytics

How to read what the options market is pricing for the future against what actually happened.

Max Pain and Pinning

The strike where option writers, not dealers, have the strongest incentive for price to land.

Strike-Level Exposure

Which individual strikes actually matter right now, not just the aggregate picture.

Live Flow and Unusual Activity

End-of-day exposure is already stale by lunch — this is the layer that adjusts for what's trading right now.