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About Options
The Options Dashboard is OCM's deepest derivatives tool. A seven-tab, institutional-grade interface that unifies Deribit's full options chain with Coinglass's cross-exchange aggregation, adding proprietary computations for **dealer gamma exposure**, **skew term structure**, and **volatility regime classification**. Six assets are supported (BTC, ETH, SOL, XRP, BNB, TRX) with a live compare mode that overlays up to three assets simultaneously across every view. The dashboard's analytical power lies in its composite workflow. The **Overview** tab surfaces 8 KPI cards - spot: **ATM IV**, **put/call ratio**, **total OI**, **24h volume**, **max pain**, **gamma flip** level, and a **live expiry** countdown, alongside a dynamically classified market regime banner (Bullish/Bearish/Neutral). **OI History** provides deep longitudinal tracking of options open interest and volume across all venues, featuring drawdown analysis, exchange market-share filters, and configurable momentum signals. **Skew & Smile** plots the volatility smile by strike plus a percentile-coloured skew waterfall across expiries. **Expiry & Gamma** delivers the flagship view: stacked call/put OI bars overlaid with Black-Scholes-computed **dealer gamma exposure** (**GEX**), a draggable spot line for scenario simulation, and a horizontal gamma heat bar showing the regime at a glance. **OI Heatmap** renders the full strike × expiry matrix as a 2D heatmap with call-heavy and put-heavy regions colour-coded. **Volatility** tracks the term structure and historical realised volatility. **Exchanges** breaks down per-venue market share. Every computation respects options theory rigorously: the **GEX** calculation uses proper **Black-Scholes gamma** (standard normal PDF divided by S·σ·√T) with crypto-convention r=0 q=0, scaled to produce dollar P&L per 1% spot move. The **gamma flip** level is computed via linear interpolation where cumulative dealer gamma crosses zero. **IV Rank** uses session-percentile ranking to tell you whether options are cheap or expensive relative to their own recent range.
Signal Zones
Trading Signals by Regime
How It Is Calculated
Frequently asked questions
What exactly is a 'gamma flip' and why does it matter?
The **gamma flip** is the spot level at which aggregate dealer gamma exposure crosses zero. Above the flip, dealers are net long gamma, meaning they mechanically sell rallies and buy dips when hedging, which dampens realised volatility. Below the flip, dealers are net short gamma, meaning they mechanically buy rallies and sell dips, which amplifies volatility. This transition often marks regime changes that traders can exploit: positive-gamma environments favour mean-reversion strategies; negative-gamma environments favour trend-following.
Why does OCM compute dealer GEX with the assumption that dealers are short calls and long puts?
Real dealer positioning is proprietary and not publicly disclosed. The Spotgamma / Squeezemetrics convention assumes dealers are net sellers of calls (customers buy calls for leveraged upside exposure) and net buyers of puts (customers buy puts for hedging). This dealer posture is the industry-standard working model and produces the directional flow predictions that options desks actually observe empirically. The absolute magnitudes are approximations, but the regime classification (positive vs negative gamma) is robust.
What is the Put/Call Ratio and why watch its percentile?
The **Put/Call Ratio** divides total put OI by total call OI. Above 1.0 means more puts outstanding (defensive bid); below 0.7 means heavy call demand (speculative positioning). Absolute values vary across assets, so OCM tracks the session percentile, where today's PCR sits within its recent observed range. Extreme readings in either direction are historically contrarian signals: top-decile PCR often precedes rallies; bottom-decile PCR often precedes corrections.
What does the volatility smile reveal?
The **volatility smile** plots implied volatility against strike for a single expiry. In equity markets, it's typically a 'smirk', or high put IVs sloping down to low call IVs, reflecting demand for downside protection. In crypto, smiles are often steeper at the wings because tail events are priced more aggressively. A flat smile indicates complacency; a steepening smile at the put wing indicates growing fear; a steepening smile at the call wing suggests upside chase.
What is IV Rank and how is it different from IV Percentile?
**IV Rank** normalises current **ATM IV** against the high-low range observed during this trading session. 0% means IV is at its session low (options are cheap); 100% means IV is at its session high (options are expensive). This is a simpler, faster read than full historical IV Percentile, which requires months of history. OCM seeds a default band of 30-120% until enough session history accumulates.
How should I interpret the skew waterfall?
The **skew waterfall** plots 25-delta put IV minus 25-delta call IV across every tracked expiry, with bars coloured by session percentile. Deep red bars mark expiries where put protection is being paid for aggressively relative to recent history (top decile), a typical fear signal. Deep green bars mark expiries where that protection bid has disappeared (bottom decile), a typical complacency signal. Uniform red across many expiries indicates systematic fear; isolated red in near-dated expiries only indicates event-specific hedging.
What is max pain and does it actually work?
**Max pain** is the strike at which total payout to option writers is maximised at expiry. Because market makers often delta-hedge their option books dynamically, spot price tends to gravitate toward max pain as expiration approaches, particularly on monthly and quarterly expiries where OI is heaviest. It works best as a short-term magnet effect in the final 1-3 days before expiry; it's unreliable as a longer-term price target and should not be treated as predictive of post-expiry direction.
Can I compare multiple assets at once?
Yes. Shift-click any asset in the dropdown to add it as a compare slot (maximum of three total). The Term Structure and Historical Volatility charts overlay all selected assets; the Smile, Skew, Volume-by-Strike, and Heatmap views render as small-multiple tiles. The compare set persists across sessions, and the URL updates so configurations can be shared.