General Exchange

510.58+6.79 (+1.35%)

Expiry

IV rank

vs 1-year range

Volatility regime

NORMAL

RV − IV spread

+1.1%

fairly priced

Delta squeeze risk

100%

dealers short gamma

Dealer GEX total

-119.8mm

price destabilizing

Unusual activity

31%

informed-flow probability

Implied move

±2.58%

±$13.16 ATM straddle

Implied vs realized

2.58 / 2.21

in line with history

Options chain

Type		Bid	Ask	Mid	Last							Charm	Vanna		IVR
C	480	31.59	32.01	31.80	31.93	5,326	101,587	0.976	0.0034	-0.084	0.065	0.0029	-0.752	14.7	22
P	480	0.25	0.27	0.26	0.26	14,735	100,184	-0.036	0.0043	-0.038	0.089	0.0036	-0.860	16.1	34
C	485	26.58	27.64	27.11	27.48	33,022	9,601	0.941	0.0066	-0.114	0.133	0.0046	-1.151	15.6	2
P	485	0.50	0.52	0.51	0.52	15,876	5,447	-0.064	0.0069	-0.059	0.142	0.0047	-1.160	16.1	99
C	490	22.35	22.70	22.52	22.41	22,629	27,977	0.899	0.0101	-0.140	0.201	0.0055	-1.414	15.5	43
P	490	0.92	0.94	0.93	0.92	28,130	67,404	-0.106	0.0102	-0.085	0.208	0.0055	-1.399	15.9	16
C	495	17.57	18.03	17.80	17.98	17,735	119,151	0.862	0.0140	-0.149	0.250	0.0056	-1.677	13.9	4
P	495	1.61	1.66	1.63	1.64	31,331	33,767	-0.168	0.0140	-0.115	0.285	0.0056	-1.470	15.8	50
C	500	14.02	14.23	14.13	14.22	13,243	53,890	0.761	0.0182	-0.193	0.352	0.0047	-1.395	15.0	35
P	500	2.32	2.36	2.34	2.36	8,084	113,645	-0.235	0.0183	-0.128	0.348	0.0047	-1.435	14.8	50
C	505	9.92	10.26	10.09	9.95	18,230	44,545	0.673	0.0232	-0.197	0.409	0.0027	-1.099	13.7	89
P	505	3.39	3.47	3.43	3.42	25,107	24,445	-0.328	0.0230	-0.136	0.410	0.0027	-1.083	13.8	63
C	510	7.26	7.35	7.30	7.29	2,126	72,317	0.549	0.0246	-0.211	0.449	-0.0005	-0.253	14.2	85
P	510	5.76	5.97	5.86	5.78	8,141	13,758	-0.453	0.0236	-0.155	0.449	-0.0005	-0.230	14.8	51
C	515	5.15	5.25	5.20	5.23	12,585	66,488	0.429	0.0234	-0.209	0.445	-0.0038	0.560	14.8	99
P	515	8.01	8.17	8.09	8.05	31,808	74,371	-0.576	0.0248	-0.135	0.444	-0.0040	0.625	13.9	76
C	520	3.41	3.49	3.45	3.47	33,568	75,229	0.320	0.0212	-0.187	0.405	-0.0063	1.204	14.9	62
P	520	11.38	11.60	11.49	11.57	24,596	96,134	-0.687	0.0218	-0.115	0.402	-0.0065	1.282	14.4	14
C	525	2.01	2.04	2.03	2.03	28,652	62,753	0.218	0.0179	-0.148	0.334	-0.0078	1.644	14.5	80
P	525	15.00	15.25	15.13	15.25	16,020	101,015	-0.789	0.0181	-0.076	0.327	-0.0078	1.714	14.1	25
C	530	1.51	1.55	1.53	1.53	25,899	64,801	0.163	0.0137	-0.133	0.280	-0.0078	1.582	15.8	81
P	530	19.31	19.95	19.63	19.65	13,264	23,658	-0.845	0.0137	-0.060	0.270	-0.0078	1.631	15.3	4
C	535	0.78	0.80	0.79	0.80	17,198	14,994	0.098	0.0100	-0.089	0.196	-0.0070	1.500	15.3	27
P	535	23.49	24.37	23.93	23.72	13,747	47,064	-0.909	0.0097	-0.016	0.186	-0.0068	1.510	14.8	19
C	540	0.47	0.49	0.48	0.49	9,533	119,868	0.063	0.0070	-0.065	0.140	-0.0058	1.236	15.6	23
P	540	28.26	28.98	28.62	28.67	28,250	60,366	-0.944	0.0066	0.010	0.127	-0.0055	1.213	15.1	41

Implied volatility surface

IV % · moneyness × tenor

DTE	0.90	0.94	0.97	1.00	1.03	1.06	1.10
7d	24	20	17	15	16	20	23
14d	26	20	18	15	16	19	23
30d	23	19	17	13	16	18	21
60d	20	17	15	14	14	17	17
90d	19	17	14	14	14	15	16
180d	11	11	12	10	9	10	8

Term structure

inverted

Volatility skew

25Δ put − call

P22 / C15+7.6

P20 / C14+6.0

P19 / C14+5.4

P18 / C13+5.1

P19 / C14+5.8

P18 / C10+8.0

Options flow

Calls 239.7KPuts 259.1K

Call OI Δ

+23,450

Put OI Δ

-17,370

P/C volume

1.08

P/C OI

0.91

Dealer gamma exposure · by strike

$mm / 1%

480

+4.2

485

-1.3

490

+20.7

495

-60.8

500

+56.5

505

-24.0

510

-74.2

515

-14.7

520

-25.6

525

-36.0

530

+28.9

535

-15.8

540

+22.3

Second-order sensitivities (charm, vanna, volga, speed, zomma, color) shown per contract in the chain and position builder.