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.
伽马曝险(Gex)是指现有期权合约对标普500指数标的价格变化的敏感度。Gamma敞口告诉你，期权做市商可能需要如何对冲他们的交易，以确保他们的期权账簿是平衡的。
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：
期权做市商是指与芝加哥期权交易所(CBOE)等交易所有合同关系以确保期权市场流动性的个人(或更有可能的机构)。
当你交易期权时，你交易的另一方通常会是做市商。他们是这样做的人，这样你就可以更容易地在某个到期日期的某个罢工时买入或卖出期权合约。
做市商确保在期权市场快速完成交易，即使在似乎没有买方或卖方的情况下也是如此。交易将更难进行，期权交易可能不会那么常见。
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.
在图表上，60亿的Gex值意味着如果价格变动+/-1%，60亿股将进入市场，推动价格朝着与主流方向相反的方向发展。最高值往往出现在价格见顶时，最低值往往出现在价格底部时。
source: sentimentrader
来源：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.
结论：如上图所示，如果他们继续蚕食$SPDR标准普尔500指数ETF(SPY.US)$伽马，虽然指数保持坚挺，但通常可能是早期迹象，表明它们为不远的未来的一些波动敞开了大门。
Notable bettings toward broader market indices ETF on 12/24
12/24大盘指数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.
全市场2080万份合约的期权成交量比近期平均水平低41%，看跌期权占比为5：3。单一股票和ETF产品的成交量相对较大，而指数成交量适中。
Individuals breakdown by sectors (12/24 notable bets)
按行业细分的个人(12/24值得注意的赌注)
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 $GSX Techedu(GSX.US)$.
最活跃的板块包括消费服务、消费品和技术行业，而基础材料和公用事业板块相对较少。在拥有上市期权的3,673只股票中，1,767只(48%)收盘上涨，1,752只(48%)下跌。在流动性最强的500只单一股票中，330只股票的30天隐含波动率较低，136只股票的30天隐含波动率较高。观察到异常的期权总成交量$阿里巴巴(BABA.US)$, $Blink Charging Co(BLNK.US)$, $FireEye Inc(FEYE.US)$, $拼多多(PDD.US)$和$GSX Techedu(GSX.US)$.
Tech
高科技
Industrial
工业
Consumer Cyclical
消费周期
Financial
金融
Communication Services
通信服务
Healthcare
医疗保健
Basic Materials
基础材料
Consumer Defensive
消费者防御性
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.
来自moomoo新闻团队的选项蒙太奇，最独家和最有洞察力的订单流程细节我们交付。它们提供了更高的成本效益，它们有可能提供更高的百分比回报和战略选择。
