The retail narrative around dealer gamma exposure (GEX) treats it as a near-deterministic lever: positive GEX compresses volatility, negative GEX explodes it, and a chart of strike-level gamma tells you where price will pin. The mechanism behind that narrative is real. The magnitude is not what the narrative
The Sharpe ratio answers a simple question: how much return did a strategy generate per unit of volatility? It does not answer a second question that matters just as much: how many strategies did you have to try before you found this one? The Deflated Sharpe Ratio (DSR), introduced by
"Options" is a contract structure, not a single market. A call on a single stock, a call on the S&P 500 index, a call on WTI crude futures, and a call on Bitcoin all share the same payoff logic — the right, not the obligation, to buy
Implied volatility is not observed directly anywhere. It is backed out of an option's market price by solving the Black-Scholes-Merton formula in reverse. The model normally runs forward: feed in spot, strike, time to expiration, the risk-free rate, and volatility, and it outputs a theoretical
There is no official Greek value for any option contract. Delta, gamma, theta, vega, and rho are not facts reported by an exchange — they are model outputs, computed independently by whichever broker, data vendor, or analytics platform is sitting between the raw market data and the number on your screen.