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Trading

Market structure, liquidity and dealer behaviour — who is on the other side, and how their hedging shows up on your chart.

Not investment advice. We do not provide investment strategies or recommendations. Everything in these articles exists to give you the quantitative and analytical tools to reach your own conclusions from real data.

Buys callsBuys putsDEALERquotes both sideskeeps the spreadinventoryHEDGEspot / perpdelta ≈ 0Dealers do not take a view — they take the other side, then neutralise it

Dealer Series · Part I

Liquidity and inventory rebalancing

Who is on the other side of your trade — how dealers quote both sides, why they end up with inventory they never wanted, and what they do about it.

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LONG GAMMASell rallies · buy dipsVolatility suppressedSHORT GAMMABuy rallies · sell dipsVolatility amplifiedThe same hedge rule, opposite sign — and opposite effect on the tape

Dealer Series · Part II

Gamma exposure and inventory rebalancing

The same hedge rule with opposite sign: long gamma dampens the tape into a range, short gamma amplifies every move. How to tell which regime you are in.

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CALL WALLPUT WALLPINNED STRIKEHedging flow leans against every excursion · premium decays inside the band

Dealer Series · Part III

Pinning: how dealer hedging holds price in a range

Why price so often stalls between the call wall and the put wall into expiry — the mechanics of pinning, where it stops being mechanical, and a Coinbase-liquidity vs Deribit-options walkthrough.

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