01 · The readPlaybook
not forecasts, not advice — other people's positions, read as if-then levels before price gets there
A wall is the strike holding the most contracts. Banks who sold those options must buy and sell
real shares to stay hedged, and that forced trading makes price stall or accelerate near the wall.
The catch: all of it assumes banks are long the calls and short the puts. That is the standard
guess, and only a guess.
These are levels where hedging friction is likely — not forecasts, and not advice. This panel
describes other people's positions, not what price will do and not what you should do. The practical
use is sizing: assume a move to the next level on this list can happen, and be positioned so it is
survivable. Open interest is published once a night by the OCC and does not change during the day;
today's volume at each strike is live and is what tells you whether a level is still being defended.
03 · Gamma profileHedging pressure if price moved
how much stock banks would have to trade per 1% move, if price were at each level — above zero absorbs moves, below zero adds to them
Gamma is how fast that hedging changes. When it is positive, hedging pushes against the market
and the day is calm. When negative, hedging pushes with the market and moves get bigger.
This curve re-prices every contract in the window at a sweep of hypothetical prices, ±10% around the
chain's price. Where it crosses zero is the flip: the price at which the day's character changes.
Several crossings mean the picture is unstable and the flip level deserves less trust.
04 · HistoryWhere the walls have been
whether a wall stays at one strike or is rebuilt each morning — recorded here because nobody sells this history; untested as a level
Nobody sells historical open interest for free, so this tool records its own: one row per session, written
on each day the server runs. The row for today is rewritten with whichever expiration window was viewed last —
the Window column shows which, and is marked when it differs from the current setting.
05 · ChainStrikes
the raw numbers behind the profiles, laid out like an option chain
Open is contracts held open (once-nightly OCC figure). Traded is today's volume, live.
Hedging $ is the stock banks must trade per 1% move for that side, and Net is both sides
combined — those two columns, and only those, rest on the long-calls / short-puts assumption.
Shaded cells are in the money relative to the current price.
GuideHow to read this page
The chart is the page. Candles are price. The bars to their right are options positioning at each
price, drawn on the same price axis — a bar at the height of a candle is options activity at that
price. Read across.
Open interest = how many contracts are currently held open at a strike. Big number = lots of
money already committed there. It updates once a night.
Bar length is contract count in the middle panel, and dollars of stock the banks must trade per
1% move in the right panel. Walls are searched within ±15% of price regardless of the strikes setting.
Every number and every mark has a ?. Click it. The explanation says what the thing is, where the
number comes from, how to read it, and what it does not mean. The Notes button shows every sentence
at once; the ? buttons show one at a time.
