Advanced track
Model the Flows
Vanna and charm, 0DTE dynamics, expiration cycles, skew and term structure, model risk, flow reading, index vs single stock, portfolio risk, and backtesting honestly.
- 9 lessons
- 63 minutes
- 2 modules
- Free
What you’ll learn
- Explain how time and volatility shift dealer hedging
- Describe 0DTE and expiration-cycle dynamics
- Read skew and term structure
- Know when the positioning model is likely wrong
- Avoid the classic backtesting traps
Module 1 Second-Order Dealer Flows
Vanna and charm, 0DTE dynamics, expiration cycles, skew and term structure.
- Lesson 1: Vanna and CharmHow changes in implied volatility and the simple passing of time shift dealer hedges, even when price stands still.7 min Completed
- Lesson 2: 0DTE DynamicsWhy gamma piles up at the strike on expiration day, how pinning and afternoon acceleration work, and why 0DTE levels can move within minutes.7 min Completed
- Lesson 3: Expiration Cycles and Roll-offDaily, weekly, monthly and quarterly expirations, why Strength Zones can vanish when an expiration rolls off, and how positioning often looks afterward.7 min Completed
- Lesson 4: Skew and Term StructureRead the volatility smile, put skew and the term structure, why an inverted curve is often a stress signal, and how both connect to dealer hedging.7 min Completed
Module 2 Model Risk and Judgment
When the model is wrong, reading flow, index vs single stock, portfolio risk, backtests and psychology.
- Lesson 5: Model Risk: When the Map Is WrongThe positioning map rests on assumptions. Learn where they break, from the dealer-side sign to day-old open interest and a narrow data window, and how to hold levels loosely.7 min Completed
- Lesson 6: Reading Options FlowSweeps, blocks, opening and closing trades, spreads and hedges: what a single options print can and can’t tell you.7 min Completed
- Lesson 7: Index vs Single StockWhy SPX, SPY and S&P 500 futures are linked, and why single-stock levels are often lumpier and noisier than index levels.7 min Completed
- Lesson 8: Portfolio RiskBeta-weighting, correlation, combined Greeks and scenario profit and loss: how to see your whole account as one position.7 min Completed
- Lesson 9: Backtests and PsychologyHow backtests flatter you, the built-in limits of hypothetical results, and how to build a playbook judged by process rather than outcome.7 min Completed
Educational content, not investment advice. Lessons describe how markets and models tend to behave. They don’t tell anyone what to buy, sell or hold. Interactive examples use illustrative sample data, and simulator results are simulated — not actual trading. Options involve risk and are not suitable for all investors.
Risk disclosureCharacteristics and Risks of Standardized Options (OCC) (opens in a new tab)
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