Reference
Market-structure glossary
Plain-language definitions for the labels used across the terminal, with each interpretation kept inside its useful boundary.
In short
These definitions explain what a label means on screen and where its interpretation stops. They intentionally stay conceptual so the terminal remains the source for the actual session values and evidence.
01
Options structure
- 0DTE
- Options that expire on the current market day.
- Dealer positioning
- A modeled view of how options inventory may shape dealer hedge sensitivity. It is not a direct view of any dealer's book.
- Gamma
- The change in option delta as the underlying price changes.
- GEX
- A scaled view of modeled gamma exposure across the option chain.
- Gamma flip
- A reference level where modeled aggregate gamma changes sign.
- Call wall and put wall
- Prominent call-side and put-side positioning levels in the current estimate.
- Gamma terrain
- A time-by-price view of modeled gamma sign and concentration.
- Material gamma trail
- A visual history of a sustained material concentration within gamma terrain.
02
Flow and response
- Derived options flow
- Derived qualifying options flow only. Aggressor side describes observed execution location, not opening intent, causality, or a prediction.
- Flow response
- A completed-event description comparing qualifying options activity with the subsequent underlying-price path.
- Absorption
- Experimental flow-response inference from reported executions and subsequent underlying price response — not observed order-book depth or proof of hidden liquidity.
- Expected move
- An options-derived reference band for the session, without directional meaning.
03
Volatility and product language
- Implied volatility
- The volatility level reflected in option prices under the product's pricing conventions.
- Skew
- The difference in implied volatility across strikes for the same expiration.
- Term structure
- The relationship between implied volatility across expirations.
- Session Read
- A deterministic standing state and timeline of material state changes for one market day.
- Replay
- A stored-day view that keeps the terminal bound to the selected historical session.
- Evidence label
- Evidence grades trace to the Ivolution research registry: validated claims passed pre-registered statistical tests on our own session data; candidate and underpowered claims are hypotheses under evaluation and are not asserted as fact.
- Sample data
- Synthetic demonstration material that does not describe a real market session.