Options Montage: GAMMA GANG
Options Montage: GAMMA GANG
Market makers: 
By Eli, Tommy
作者：Eli，Tommy
Gamma exposure (GEX) refers to the sensitivity of existing option contracts to changes in the underlying price of the S&P 500. Gamma exposure informs you how options market makers will likely need to hedge their trades to ensure their options books are balanced.
伽馬曝險(Gex)是指現有期權合約對標普500指數標的價格變化的敏感度。Gamma敞口告訴你，期權做市商可能需要如何對衝他們的交易，以確保他們的期權賬簿是平衡的。
Market makers:
An options market maker is an individual (or more likely institution) that has a contractual relationship with an exchange, like the CBOE (Chicago Board Options Exchange) to ensure there is liquidity in the options market.
When you trade options, the person on the other side of your trade is generally going to be a market maker. They are the people who make it so that you can more easily buy or sell an option contract at some strike on some expiration date.
Market makers ensure that transactions are completed quickly in the options market even where there doesn't seem to be a buyer or a seller. Transactions would be harder to conduct, and options trading may not be as commonplace.
做市商：
期權做市商是指與芝加哥期權交易所(CBOE)等交易所有合同關係以確保期權市場流動性的個人(或更有可能的機構)。
當你交易期權時，你交易的另一方通常會是做市商。他們是這樣做的人，這樣你就可以更容易地在某個到期日期的某個罷工時買入或賣出期權合約。
做市商確保在期權市場快速完成交易，即使在似乎沒有買方或賣方的情況下也是如此。交易將更難進行，期權交易可能不會那麼常見。
On the chart, a GEX value of 6 billion implies that if price moves +/-1%, 6 billion shares will come to market to push price in the opposite of the prevailing direction. The highest values tend to occur as prices peak and the lowest values as prices bottom.
在圖表上，60億的Gex值意味着如果價格變動+/-1%，60億股將進入市場，推動價格朝着與主流方向相反的方向發展。最高值往往出現在價格見頂時，最低值往往出現在價格底部時。
source: sentimentrader
來源：SentimenTrader
Conclusion: As the chart shows above, if they continue to chip away at $SPDR S&P 500 ETF(SPY.US)$ GAMMA, while indices hold firm, it usually can be early sign they left a door open for some volatility in the not to distant future.
結論：如上圖所示，如果他們繼續蠶食$SPDR標準普爾500指數ETF(SPY.US)$伽馬，雖然指數保持堅挺，但通常可能是早期跡象，表明它們為不遠的未來的一些波動敞開了大門。
Notable bettings toward broader market indices ETF on 12/24
12/24大盤指數ETF值得注意的押注
Market-wide option volume of 20.8m contracts was 41% below recent average levels, with calls leading puts 5 to 3. Single stock and ETF products saw relatively heavy volume, while Index flow was moderate.
全市場2080萬份合約的期權成交量比近期平均水平低41%，看跌期權佔比為5：3。單一股票和ETF產品的成交量相對較大，而指數成交量適中。
Individuals breakdown by sectors (12/24 notable bets)
按行業細分的個人(12/24值得注意的賭注)
Most active sectors included Consumer Services, Consumer Goods and Technology while Basic Materials and Utilities were relatively light. Of the 3,673 stocks with listed options, 1,767 (48%) closed higher, and 1,752 (48%) lower. Among the 500 most liquid single stocks, 30day implied volatility was lower for 330 and higher for 136. Unusual total option volume was observed in $Alibaba Group Holding Ltd(BABA.US)$, $Blink Charging Co(BLNK.US)$, $FireEye Inc(FEYE.US)$, $Pinduoduo(PDD.US)$ and $GSX Techedu(GSX.US)$.
最活躍的板塊包括消費服務、消費品和技術行業，而基礎材料和公用事業板塊相對較少。在擁有上市期權的3,673只股票中，1,767只(48%)收盤上漲，1,752只(48%)下跌。在流動性最強的500只單一股票中，330只股票的30天隱含波動率較低，136只股票的30天隱含波動率較高。觀察到異常的期權總成交量$阿里巴巴(BABA.US)$, $Blink Charging Co(BLNK.US)$, $FireEye Inc(FEYE.US)$, $拼多多(PDD.US)$和$GSX Techedu(GSX.US)$.
Tech
高科技
Industrial
工業
Consumer Cyclical
消費週期
Financial
金融
Communication Services
通信服務
Healthcare
醫療保健
Basic Materials
基礎材料
Consumer Defensive
消費者防禦性
Options Montage from moomoo news team, the most exclusive and insightful order flow details we delivered. They provide increased cost-efficiency, they have the potential to deliver higher percentage returns and strategic alternatives.
來自moomoo新聞團隊的選項蒙太奇，最獨家和最有洞察力的訂單流程細節我們交付。它們提供了更高的成本效益，它們有可能提供更高的百分比回報和戰略選擇。
