Glossary

Plain-English definitions

Every term Market Hunt uses, defined for a first-time options trader. No prior knowledge required. Jump to any section below.

The Big Three (start here)

GEX(Gamma Exposure): How much price-pull comes from dealers hedging their option books. Positive GEX = dealers are forced to BUY dips and SELL rips (stickier price). Negative GEX = dealers are forced to do the opposite (faster moves).; Example: If SPY shows +$500M GEX near $750, that strike acts like a magnet — price tends to gravitate toward it.
VEX(Vanna Exposure): How dealer hedging changes when implied volatility (IV) moves. Big vanna walls predict where IV expansion will accelerate or fade a move. Lower-priority than GEX but useful for vol-driven days.
Dealer positioning: The total exposure (long or short, calls or puts) that market-makers are sitting on. We compute this from the public options chain. Knowing what dealers HAVE to do to stay neutral tells you where price wants to go.

Call wall (Ceiling): The strike with the most positive gamma above the current price. Acts like a ceiling — rallies into it tend to stall.; Example: SPY at $746, call wall at $750. Expect price to grind into $750 and reverse.
Put wall (Floor): The strike with the most negative gamma. Acts like a floor on dips IF positive (sticky/cushion), or as a breakdown line if negative (slippery — once price slips through, it accelerates).
Gamma flip ⚡: The price level where total dealer gamma crosses from positive to negative. ABOVE flip = calm, mean-reverting tape. BELOW flip = wild, trending tape. Knowing which side of flip you're on changes the whole regime.
Anchor ★: The single strike with the heaviest dealer gamma anywhere on the board (positive or negative). Price tends to gravitate toward it — when the Anchor is long-gamma it acts like a magnet, when it's short-gamma it slingshots price away on a break.

CALM: Net positive gamma. Dealers sell rallies + buy dips → tape compresses into a range. Best for selling premium / fading extremes.
WILD: Net negative gamma. Dealers chase moves instead of fading them → both up-moves and down-moves get amplified. Best for directional bets with stops.
PINNED: Price glued near a heavy strike. Magnet-like behavior into expiry. Plan for chop, not trend.
CHOP / BALANCED: Mixed positioning, no dominant side. No clean signal — trade what you see on price action, levels don't anchor strongly.

GEX: ABSORBED: A large options trade hit, but dealer positioning at that strike absorbs it (the hedging works AGAINST the direction). Translation: bullish flow but expect slow grind, not breakout.
GEX: ACCELERATED: Large options trade + dealer positioning hedges the SAME direction. Translation: flow has wind at its back — moves are likely to continue.
Sweep: An aggressive order that ate multiple exchanges' offers at once. Usually a hedge fund or institutional desk in a hurry — directional signal.
0DTE: Zero days to expiration — options that expire TODAY (mostly SPX/SPY). Cheapest premium, fastest moves, biggest gamma effects.

Gamma (γ): How fast an option's delta changes as price moves. Big gamma = price tugs felt by dealers. This is what GEX aggregates.
Delta (Δ): How much an option moves for every $1 the underlying moves. 0.50 delta = option moves $0.50 per $1 stock move.
Vanna: How delta changes when volatility changes. This is what VEX aggregates.
Charm: How delta decays with time. Matters most into the final hour of 0DTE.
Theta (θ): Daily time decay — what you lose every day holding an option, all else equal.
IV(Implied Volatility): The market's expectation of how much the stock will move, baked into option prices. High IV = options expensive, expected big move.

FOMC: Federal Open Market Committee — the Fed's interest-rate decision (8 times/year). High-volatility event for stocks + bonds.
NFP: Non-Farm Payrolls — monthly jobs report (first Friday). Major macro mover.
CPI: Consumer Price Index — monthly inflation read. Inflation surprises move rates fast, which moves stocks.
PPI: Producer Price Index — wholesale inflation, leading indicator vs CPI.
OPEX: Options expiration — the 3rd Friday of every month, when most monthly options expire. Heavy gamma effects.
RTH: Regular Trading Hours — 9:30 AM to 4:00 PM ET, when US stock exchanges are open.

ATM: At The Money — option strike equal to (or very close to) the current stock price.
OTM: Out of The Money — strike further from current price (no intrinsic value).
ITM: In The Money — strike closer to or past current price (has intrinsic value).
RVOL: Relative Volume — today's volume vs the average. 2× RVOL = trading twice the usual volume.
ATR: Average True Range — the typical daily price range. Used to size position stops.
Confluence: When multiple independent signals (technical setup, volume, sector strength, options flow) line up at the same place — higher conviction.
Tape: The live order flow — every print that goes through. 'Reading the tape' = watching speed + size + direction of trades.

R(R multiple): Your risk unit. One R is the distance from entry to stop times your size — the dollars the stop costs. A trade that closes at +2R made twice that; a trade closed at the stop is −1R. Every number in the planner and the report is in R so a $250 trade and a $2,500 trade compare fairly.; Example: Entry $746, stop $744, 125 shares: 1R = $250. Closing at $750 is +2R = +$500.
Risk %: How much of your account the stop would cost, as a percent. The planner turns it into a size: 0.5% of $50,000 is $250, and a $2 stop distance buys 125 shares. Your max risk % is the ceiling every plan is checked against.
R:R(Reward-to-risk): How many R your first target pays. Entry $746, stop $744, target $750 is 2.0R — T1 pays twice what the stop costs. A min R:R rule marks any plan below that number as breaking a rule.
Expectancy: The average R one closed trade made over a window. The discipline report shows it twice — for trades that kept your rules and for trades that broke one — so you can see what breaking a rule has actually cost you. Measured after the fact from closed trades; it is not a forecast.
Hit rate: The share of closed trades that ended above 0R. A count of what already happened, not a prediction. A low hit rate with a high expectancy is a normal shape for a trend trader — the two lines are read together.

Ready to read your first board?

Start a 7-day free trial. Card required, $0 if you cancel before day 7.