Documentation

Glossary

Quick-reference definitions for every metric, column, and term used across the Ohey platform.

0-9 A C D E F G H I M N O P R S T V W

0DTE (Zero Days to Expiration): Options contracts that expire on the same trading day. 0DTE options exhibit extreme gamma sensitivity — delta changes rapidly with small moves in the underlying, creating outsized hedging flows. Available as a time horizon in PulseDeck and the IV Surface window. See also: OPEX, Gamma.
Alert Manager: A Pro-tier window for creating and managing automated alerts based on market conditions. Supports four event types: IV Surface changes, Gamma Flip crossings, Price Alerts, and Volume Spikes. Alerts can be tested manually before deployment. See Alert Manager window.
ATM (At-The-Money): An option whose strike price is equal to (or nearest to) the current price of the underlying asset. ATM options have roughly 0.50 delta and the highest gamma and theta per dollar.
Auto-Refresh: A configurable polling interval on HTTP-based windows. When enabled, the window periodically re-fetches data without manual interaction. Available on all HTTP windows.
Call Option: A contract giving the holder the right to buy the underlying asset at the strike price by expiration. Call buyers are bullish; call sellers collect premium in exchange for upside obligation.
Charm (Delta Decay): The rate of change of delta over time. As expiration approaches, delta changes more rapidly for near-ATM options. Important for overnight position management.
Data Abstraction Layer: Ohey's unified backend service that aggregates options data from market feeds, normalizes it, and serves it to all analytics windows via HTTP and WebSocket endpoints. All 24+ windows share this single data source.
Dealer: A market maker who provides liquidity by taking the other side of customer options orders. Dealers hedge their exposure by trading the underlying, creating predictable flow patterns that Ohey analytics quantify.
Delta (Δ): The rate of change of an option's price per $1 move in the underlying. Ranges from 0 to 1 for calls (0 to -1 for puts). A delta of 0.50 means the option moves ~$0.50 per $1 underlying move. See also: Delta-Weighted OI, Charm.
Delta-Weighted OI: Open interest at each strike multiplied by the delta at that strike. This converts raw OI into directional terms — showing how much delta exposure dealers carry at each strike. See Delta-Weighted OI window. See also: OI, Delta.
DPI (Dealer Positioning Index): A normalized measure of net dealer gamma positioning. Positive DPI indicates dealers are long gamma (stabilizing); negative DPI indicates short gamma (destabilizing).
Entropy (Volatility): A measure of uncertainty or disorder in the implied volatility distribution. Higher entropy indicates less predictable vol behavior. Used by the Vol Entropy window. See VolEntropy window.
Expiration (Expiry): The date on which an options contract ceases to exist. Gamma effects intensify as expiration approaches (gamma grows, theta accelerates).
Flow Rate: The rate of options order flow in a given direction. Ohey's FlowRate window tracks momentum and acceleration of directional flow to detect institutional activity. See FlowRate window.
Gamma (Γ): The rate of change of delta per $1 move in the underlying. High gamma means delta is changing rapidly. Gamma is highest for at-the-money, near-expiration options. See also: Gamma Exposure (GEX), Gamma Flip.
Gamma Exposure (GEX): Aggregate gamma across all options at a given strike, expressed in dollar terms. Positive GEX = dealers buy dips (stabilizing). Negative GEX = dealers sell dips (destabilizing). The foundational metric on the Ohey platform. See GEX window.
Gamma Flip: The strike price where aggregate dealer gamma transitions from positive to negative. When the underlying crosses this level, market dynamics shift from stabilizing to destabilizing (or vice versa). See Gamma Flip Zone window.
Gamma Wall: A strike with extreme gamma concentration relative to surrounding strikes. Acts as a price magnet — dealers hedge so heavily at this level that it becomes a strong attractor/barrier for the underlying price. See VolCube window.
GEX: See Gamma Exposure.
Guide Panel: A built-in educational overlay available in every analytics window. Accessed via the icon. Provides context-specific explanations of the metrics and charts displayed.
Hedging Pressure: The dollar amount of underlying shares that dealers must buy or sell to maintain delta neutrality. Calculated as |Gamma × Delta| × OI × 100 per strike. See Dealer Hedging Pressure window.
Implied Volatility (IV): The market's forecast of likely movement in the underlying, derived from option prices using the Black-Scholes (or similar) model. Higher IV = more expected movement = more expensive options. See also: IV Skew, Realized Volatility.
In-The-Money (ITM): An option with intrinsic value. Calls are ITM when the underlying is above the strike; puts are ITM when the underlying is below the strike.
IV Skew: The difference in implied volatility between put and call options at the same distance from ATM. Positive skew (puts > calls) is typical — reflecting demand for downside protection. See IV Skew window. See also: Implied Volatility, Volatility Smile.
Market Regime: A persistent statistical state of the market (trending, mean-reverting, low-vol, high-vol, crisis). Strategies optimized for one regime may fail in another. Detected by the RegimeShift window. See RegimeShift window.
Max Pain: The strike price at which the total value of all outstanding options would be minimized at expiration. Market makers have incentive to push the underlying toward max pain.
Net GEX: The sum of positive and negative gamma exposure across all strikes. A positive net GEX for the market typically indicates supportive conditions (dealers stabilize price).
OI (Open Interest): The total number of outstanding options contracts that have not yet been exercised, closed, or expired. Unlike volume, OI represents accumulated positioning. See also: Delta-Weighted OI, Pin Risk.
OPEX (Options Expiration): The date on which options contracts for a given cycle expire. Monthly OPEX (third Friday) and 0DTE (daily expiration) create peak gamma effects. See also: 0DTE, Gamma.
OTM (Out-of-The-Money): An option with no intrinsic value. Calls are OTM when the underlying is below the strike; puts are OTM when the underlying is above the strike.
Pin Risk / Pinning: The tendency for the underlying to gravitate toward strikes with large open interest as expiration approaches, due to dealer hedging activity. The PinMap window quantifies pinning probability. See PinMap window.
Put Option: A contract giving the holder the right to sell the underlying asset at the strike price by expiration. Put buyers are bearish or hedging; put sellers collect premium.
PulseDeck™: Ohey's master analytics dashboard. Aggregates data from 10 real-time modules (GammaPulse, VolCube, PinMap, ThetaForge, FlipTrack, SkewSentinel, FlowRate, EigenHedge, Vol Entropy, RegimeShift) and presents strategy considerations for your independent evaluation. Methodology
Realized Volatility: The actual observed volatility of the underlying's returns over a historical period. Compared to IV to assess whether options are relatively cheap or expensive.
Regime Shift: A transition from one market regime to another (e.g., from low-vol mean-reverting to high-vol trending). Often coincides with major market events or structural changes in options positioning. See RegimeShift window.
Spot Price: The current market price of the underlying asset.
Strike Price: The price at which the option holder can buy (call) or sell (put) the underlying asset. Options data on Ohey spans all listed strikes per ticker.
Synthetic Spot: An estimated spot price derived from options market data (typically at-the-money put-call parity). Can differ from the last trade price, especially in after-hours or illiquid conditions.
Theta (Θ): Time decay — the rate at which an option's value decreases per day, all else equal. Theta is highest for ATM options near expiration. A theta of -0.05 means the option loses approximately $5 per day per contract (100 shares per contract), assuming no other changes. See Theta Decay window.
Theta Flip Zone: The strike range where net theta exposure transitions from positive to negative across the options chain. Analogous to gamma flip but for time decay.
Tier: Ohey's access levels. Free Tier (5 core windows, 5 concurrent windows), Pro ($79/mo, 24 windows, 25 concurrent, WebSocket streaming, alerts). See Pricing.
Vega (ν): The dollar change in an option's price per 1 percentage point change in implied volatility. Long-dated options have more vega. Critical for volatility trading strategies. See Vega Concentration window.
Volatility Smile: The U-shaped pattern of implied volatility across strikes — IV is typically lowest ATM and increases for both deep ITM and deep OTM options, particularly on the put side.
WebSocket: A persistent two-way connection between the browser and server. PRO-tier windows use WebSocket streaming for live data delivery during market hours without polling. Includes automatic reconnection with exponential backoff.
Window: An individual analytics panel on Ohey's desktop workspace. Each window focuses on a specific analytical perspective (e.g., gamma exposure, IV skew, theta decay). Windows can be dragged, resized, maximized, and arranged freely.
Window Launcher: The panel used to discover and open analytics windows. Accessed via the green + button in the taskbar or by pressing L. Organizes windows by category with search.