GAMMA SONAR ACADEMY

Learn Options Market Structure

Comprehensive guides on gamma exposure, dealer hedging, structural levels, and the mechanical forces that drive price. Written by a trader, for traders.

FOUNDATION

What Is Gamma Exposure (GEX)?

The single most important concept in dealer positioning. How gamma creates mechanical flows that influence price.

FOUNDATION

Dealer Hedging Explained

Why market makers must trade, how delta hedging works, and why these flows move markets.

STRUCTURAL LEVELS

Call Walls & Put Walls

Where dealer hedging concentrates most — and why these levels act as structural support and resistance.

STRUCTURAL LEVELS

The Gamma Flip Level

The boundary between dampened and amplified environments. Where positive gamma becomes negative.

0DTE

0DTE Gamma Exposure

Same-day expiry options dominate SPX volume. Their extreme gamma reshapes intraday structure.

SECOND-ORDER GREEKS

Vanna & Charm

The hidden forces behind dealer flows. How time decay and volatility changes move markets without news.

VOLATILITY

Implied Volatility Skew

Why OTM puts are more expensive than calls, what skew changes signal, and how to read the surface.

OPTIONS THEORY

Max Pain Theory

The expiration price magnet. When it works, when it fails, and how it relates to GEX.

OVERVIEW

Options Market Structure

The complete picture — how all the concepts connect to form a structural understanding of the market.

See the Structure Live

Everything in these guides is computed in real-time inside Gamma Sonar.

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Educational content only. Not financial advice.