What Is Gamma Exposure Trading, and Why Didn't Friday's $7 Trillion Expiration Move the Market?

Friday's options expiration was the second-largest on record. The VIX fell anyway. Here's why the size of the number matters less than you'd think.

What Is Triple Witching, and Why Does This Friday's Land Right After the Fed?

What Is the GEX Zero Line, and Why Does Crossing It Matter More Than Which Side You're On?

VIX is sitting near its calmest levels of the year, right before CPI, the Fed, and September OPEX all land within eight days of each other.

What Is Max Pain in Options, and Does It Actually Work?

25 years of data on the theory that price gravitates toward where options expire worthless. It works less often than the enthusiasm around it suggests, and here is exactly when it does.