GammaStrat — Data-Driven Options Trading

03THE TERMINALS

The Trading Terminals.

Each subscription tier culminates in an interactive terminal, built to give you everything you need to make an educated, professional-level decision without opening another platform. Every figure on it is pulled from that day's reports, every interpretation is based on the same consistent framework across the entire suite, and every output traces back to the model that produced it. It's the single screen you'll return to every morning before the market opens.

GAMMA TERMINAL

ELEVEN REPORTS · 80 TICKERS · THE FULL DESK ON ONE SCREEN

THU 16 JULGAMMASAMPLE

01UNIVERSE SENTIMENT — 80 SQUARESTICKER SENTIMENT · 52% BULL

02MARKET DEMAND GAUGESDEMAND HEATMAP · 80 NAMES

CALL-DOMINANTNEUTRALPUT-DOMINANT ◂

PUT-DOMINANT84%

CONVICTION0.79 MOD

TOP CONVGLD 1.75

03SIGNAL CONFIDENCE36/80 QUALIFYING · 45%

IVSPX12.8

SKSPX72.4

IVXLF20.5

SKXLF93.2

BULL LEADERTLT

BEARVIX · BAC · DAL

PREM-SELL15 NAMES

04SECTOR WALLDIRECTIONAL CONVICTION · D/D

XLU+3

XLV+3

QQQ+2

SPY−3

XLF−3

05TICKER WATCHLISTOVERLAPS + PIN RISK

KEY FINDING84% of the universe printed put-dominant demand — protection accumulated, not panic. A rotation tape: XLU · XLV · XLC bid against a bearish SPY print, and TLT tops STORM the same day it leads Signal Confidence. Every number traces to a report you can open.

GAMMA TIER · THE FLAGSHIP DESK

The Gamma Terminal

The Gamma Terminal is the full desk, built from eleven reports and eighty tickers synthesized onto a single screen. You'll find universe-wide sentiment, cross-report conviction grids, market demand gauges, probability surfaces, and a sector wall, all drawn from that morning's research. It's also the only terminal that reads every individual ticker across 76 of the most tradeable individual names, not just the benchmark index and ETF anchors (i.e., SPX, QQQ, GLD and TLT).

Models don't always agree, and the Gamma Terminal is built around that fact rather than around hiding it. When the flow lens reads a ticker as bullish and the value lens reads the same ticker as bearish, the terminal doesn't average the two into a single, tidier number. It shows both verdicts side by side, because the disagreement itself is information. You're the one who weighs it and makes the call.

Full access to daily market positioning, plus the Alpha and Delta terminals.
Universe sentiment across all 80 names, one square per ticker, colored by that day's put/call shift.
A cross-report conviction grid showing every ticker that fired in two or more independent frameworks, with each framework's verdict displayed side by side.
Market demand gauges showing how hard the universe leans toward puts, and how much conviction is behind that lean.
Signal confidence, showing how many of the 80 names generate a qualifying volatility-surface signal each day, and where the leaders sit.
Every future report GammaStrat publishes joins this screen automatically, at no added cost.
Moving averages, short squeeze indicators, earnings dates and movement probabilities, key events, and relative volume rankings for each ticker.

24 REPORTS · ALL TICKERS · ALL FUTURE REPORTS

DELTA TIER · THE VOLATILITY DESK

The Delta Terminal

Sizing a position without understanding the volatility regime is where most avoidable losses start. The Delta Terminal is built to close that gap: six additional reports, including the VIX and VVIX term structure, the daily volatility regime state, market risk-reward migrations, and a three-model strategy scoreboard, synthesized into a single, coherent view you'll check before you size anything.

★ TRADEABLE DISLOCATION (TD) SIGNAL — THE CONTRARIAN FLAG

Sometimes a trade clears every one of our quality checks, and the rest of the market is still avoiding it anyway. That gap between what the math says and what the crowd is doing is what Delta calls a Tradeable Dislocation. Every time one appears, the underlying data and the exact math behind it are printed right beside the signal, so you can evaluate the case yourself. Think of it as the ultimate contrarian play.

ON TODAY'S SAMPLE DESK: ★ 2 — PUT DEBIT SPREAD · LONG STRADDLE

The VIX and VVIX term structure, drawn daily with a plain-language read on the current curve shape.
A three-model strategy scoreboard, where flow, value, and regime each vote on eight option structures, with every conflict displayed and never averaged away.
A market risk-reward analysis that re-ranks 1,460 opportunities overnight for structural inefficiency.
A regime position map showing where today's tape sits in the volatility cycle, plotted on the VIX by VVIX classification grid.

13 REPORTS · DELTA TERMINAL · ★ TD SIGNALS

DELTA TERMINAL

VOLATILITY CURVE · VOLATILITY STATE · RISK REWARD · SCOREBOARD

THU 16 JULDELTASAMPLE

01VIX & VVIX TERM STRUCTUREVOLATILITY CURVE

03MARKET RISK REWARD — MIGRATIONS1,460 OPPS · OVERNIGHT

OPPS SCANNED1,460

MKT EFFICIENCYLOW

RISK APPETITE+7.5% AGG

★ TRADEABLE DISLOCATIONSPUT DEBIT SPREAD · LONG STRADDLE

“★ TRADEABLE DISLOCATION — PUT DEBIT SPREAD: 33 of 64 stocks (51.6%) cleared the hurdle (25% required). RRR rank 2 vs theory 5 with stable PoP.”MARKET RISK REWARD ANALYSIS · 07/16

02STRATEGY SCOREBOARD3-MODEL CONSENSUS

STRATEGY	FLOW·VALUE·REGIME	NET
PUT CREDIT SPREADS	✓✓✓	+3.0 LONG
SHORT STRADDLE	✓✕✓	CONFLICT
PUT DEBIT SPREAD	✕··	★ TD
LONG STRADDLE	✕··	★ TD

04REGIME POSITION MAPDAILY VOL STATE

KEY FINDINGRegime STABLE — VIX 15.67 × VVIX 88.41, contango confirms. Consensus long: put credit spreads +3.0; two contrarian ★ TD signals ride against the tape. One regime change: QQQ bullish → transition.

ALPHA TERMINAL

SENTIMENT · SUMMARY · CONSENSUS · ACTIVITY — ONE SCREEN

FRI 10 JULALPHASAMPLE

01SPX MARKET MOOD — SIX DIALSSENTIMENT GAUGE

03OVERLAP SIGNAL BOARDSTRATEGY CONSENSUS

BEARISH5

XLC · TJX · TLT · WMT · XLU

BULLISH3

ARM · NVDA · XHB

LOW VOL3

AXP · XLB · XLY

HIGH VOL0

No overlaps today

02PREMIUM MISPRICINGDAILY OPTIONS ACTIVITY

CALLS7%

PUTS93%

P/C EV RATIO12.71

TAIL GAP+1.29PP

CONFIDENCEHIGH

04WHAT THE DESK SAIDVERBATIM

“…increased demand to sell puts, with the EV Z-score strongly positive (1.033)…”STRATEGY CONSENSUS · FLOW LENS

KEY FINDINGPuts +EV 93%, calls 7% — protection cheap, upside overbid. TJX shows up bearish on the overlap board and tops the pin watch: two reports, one name.

FREE TRIAL & ALPHA TIER · START HERE

The Alpha Terminal

The Alpha Terminal synthesizes five daily reports onto one screen: the volatility environment at a glance, the day's premium mispricing, the tickers telling the same story across multiple independent rankings, and the exact gamma regimes and key levels for the index anchors. Even at just five reports, you'll have layers of researched analytics guiding your trading day.

During the two-week free trial, you'll receive the same daily research paid subscribers do, on the same schedule, with nothing simplified or held back for the demo.

A six-dial sentiment gauge covering term structure, call momentum, IV rank, gamma regime, call skew, and realized volatility, all in one look at the environment.
A positioning board across six strategy families, showing the day's flagged dislocation and expected-value shift.
An overlap signal board showing which tickers appear in the same directional or volatility bucket across multiple independent strategy rankings.
Gamma regimes, key levels, and tail-risk mispricing for SPX, QQQ, and GLD.
A complete set of 1-day, 1-week, and 1-month market-derived trading probability metrics for 16 benchmark indices and ETFs. We give you the odds. You decide how to trade them.

FREE FOR 14 DAYS · 5 REPORTS

THE ESTIMATED DEALER MAP · INCLUDED WITH GAMMA

Dealer Positioning Daily

Estimated Dealer Positioning Daily brings a level of detail usually reserved for institutions to retail traders instead, and it's ambitious enough that we publish it as its own standalone platform rather than folding it quietly into a tier. It estimates how market maker hedging can affect your options trade during the trading day. It's built to change how you understand the way options actually trade in the marketplace as market makers hedge their options books. For any trader who moves beyond the index anchors into individual names, this is the single most important report in the entire suite. Understanding the impact of hedging flows in the market allows you to analyze several reward-to-risk setups, and the terminal's built-in analyzers do the work for you.

A STANDALONE PLATFORM · OFFERED ALONGSIDE THE DESK

Estimated Dealer Positioning Daily runs one institutional-grade screen for every name in the 80-ticker universe, rebuilt each trading day against the prior close. Each screen uses a proprietary algorithm to map that ticker's gamma exposure by strike price, tracks how the exposure migrated day over day, forecasts market maker hedging flows and their impact on options prices based on underlying stock price moves, and reads the key structural levels directly off the net gamma exposure curve: the gamma flip price, the zero-gamma level, the maximum positive and negative gamma strikes, the call resistance and put support levels, the volatility strike levels, and the top gamma and absolute gamma magnets.

Estimated dealer inventory shown as a gamma-by-strike profile plot, with call and put gamma at every strike, both for the current trading day against prior day.
Day-over-day migration and an estimated net dealer-hedging flows curve, modeling buying and selling pressure for a 1% move in either direction.
Key levels read directly from net gamma exposure curve, including the gamma flip, the zero-gamma level, and the maximum positive and negative gamma strikes, call resistance and put support levels, and volatility landmarks and magnets.
A gamma regime framework on every single page, showing whether expected dealer hedging flows are dampening the tape or amplifying it.

Add Estimated Dealer Positioning Daily→ALPHA +$300/YEAR · DELTA +$200/YEAR · INCLUDED WITH GAMMA

DEALER POSITIONING DAILY

INVENTORY · HEDGING PRESSURE · MIGRATION · PRESSURE LEVELS

MON 21 JULDEALER MAPSAMPLE

01KEY SUMMARY METRICSSPX PAGE · 1 OF 80

DEX CURRENT−206.18M

GEX CURRENT37.73B

GEX CHANGE+56.03B

DEX PRIOR−166.64M

GEX PRIOR−18.30B

NET GEX % MKT CAP0.50%

02DEALER INVENTORY — GEX BY STRIKENET CURVE · +1% MOVE

CALL GEXPUT GEXNET DEALER CURVE┈ SPOT 7,509 · ★ FLIP 7,505

ABOVE SPOTNET SELL −6.42M

BELOW SPOTNET BUY +3.22M

WITHIN ±1%−1.23M

03KEY LEVELS — FROM NET GEXDAILY

LEVEL	STRIKE
MAX POSITIVE GEX	7,595
GAMMA FLIP LEVEL	7,505
ZERO-GEX LEVEL	7,510
MAX NEGATIVE GEX	7,300

04VOLATILITY LANDMARKSMAGNETS

CALL RESISTANCE7,555

PUT SUPPORT7,495

GAMMA MAGNET7,555

05GAMMA REGIME FRAMEWORKEVERY PAGE

POSITIVE GAMMADAMPENS VOLATILITY

NEAR NEUTRALTWO-WAY MARKET

NEGATIVE GAMMAAMPLIFIES VOLATILITY

06LARGEST GEX CHANGEBY STRIKE

STRIKE 7,525+2.84B

DRIVEROI INCREASE

KEY FINDINGGEX flipped from −18.30B to +37.73B overnight while DEX deepened to −206M; the gamma flip sits at 7,505 with spot at 7,509 — the tape is trading right on top of the flip. Above spot dealers are net sellers, below net buyers: the pin math, printed for all ~80 names.

FREE TRIAL→

5 REPORTS · ALPHA TERMINAL · 2 WEEKS

ALPHA→

7 REPORTS · KEEP THE DESK

DELTA→

13 REPORTS · VOL DESK + ★ TD SIGNALS

GAMMA★

24 REPORTS · ALL TICKERS · DEALER POSITIONING DAILY INCLUDED · ALL FUTURE REPORTS

05THE TEAM

Built by Experts in Options.

GammaStrat was created by a 30-year Wall Street hedge fund and private equity veteran, his son and a finance professor whose options-pricing research has been published in the Journal of Finance and who is widely considered to be the preeminent academic on the subject of options theory. This expertise is translated into a daily read on estimated dealer positioning, volatility regime, and structural mispricing across benchmarks SPX, QQQ, GLD and TLT as well as the 77 of the most liquid names, all on your screen before every open.

David Glenn

CO-FOUNDER

Founder & Managing Director · Western Heritage Capital, LLC

David Glenn is an active stock and options trader. He has spent three decades managing capital and building businesses across the financial technology industry. He is the founder and managing director of Western Heritage Capital, a family office that actively trades stocks and options and backs owner-operated companies.

Before founding Western Heritage, David was a Senior Managing Director and Investment Committee member at Cerberus Capital Management, one of the world's largest alternative investment firms, where he led investments in financial services and insurance. Prior to Cerberus, he spent a decade as a Partner and Investment Committee member at Lightyear Capital (2001–2011), a private-equity firm focused exclusively on financial services and technology.

He holds an MBA from NYU (1997) and a B.A. from BYU, where he now serves on the Marriott School of Business National Advisory Council and is the newest adjunct professor in the finance program.

HEDGE FUND PROFESSIONAL · 30 YEARSWESTERN HERITAGE CAPITALCERBERUS CAPITAL MANAGEMENTLIGHTYEAR CAPITALMBA, NYU '97BYU MARRIOTT NACB.A. BYU '92

Tyler Shumway, Ph.D.

RESEARCH PARTNER

Professor of Finance · BYU Marriott School of Business

Tyler Shumway is one of the most cited academic researchers in the field of options pricing and financial economics. He is a Professor of Finance at BYU's Marriott School, where he holds the Georgia White Fellowship, and spent the prior 25 years at the University of Michigan Ross School, where he was named the John C. & Sally S. Morley Professor of Finance in 2016.

His 2001 paper ‘Expected Option Returns’ (with Joshua Coval, in the Journal of Finance) is foundational to modern options research. It established that options systematically earn returns inconsistent with standard asset-pricing theory, the finding that underpins GammaStrat's expected-value framework. His hazard model for bankruptcy prediction is among the most cited in corporate finance, and he received the Smith-Breeden Prize for the best investments paper in the Journal of Finance in 2005.

Tyler earned his Ph.D. from the University of Chicago Booth School of Business in 1996 and his B.A. in Economics from BYU in 1991.

BYU MARRIOTTMICHIGAN ROSS · 25 YRSJOURNAL OF FINANCESMITH-BREEDEN PRIZECHICAGO BOOTH PH.D.

Robbie Glenn

CO-FOUNDER

Head of Product · GammaStrat · BYU Marriott School of Business

Robbie Glenn is the architect of the GammaStrat platform. He built every terminal and the visual system behind the report suite, the screens subscribers use every morning. He is studying finance at BYU's Marriott School of Business.

Newer to options himself, Robbie designed the terminals for exactly that vantage point: keep all of the high-level quantitative data the research produces, but present it so a trader still learning the options market can absorb it quickly, rigorous underneath, digestible on the surface. He trades options actively himself, on the same terminals subscribers use.

GAMMASTRATBYU · FINANCEBUILT EVERY TERMINAL

THE PRINCIPLES

THE MODELS

Quantitative, Disclosed, and Adversarially Tested

Every signal comes from a disclosed quantitative model. The assumptions, priors, and known limits are printed on the reports themselves. Not opinion. Not folklore. Method.

THE LIMITS

Known Limits, Printed on the Page

We publish what the models can't do as clearly as we publish what they can. You can interrogate the research — that's the point of it.

✓ EVERY REPORT CARRIES

The models' assumptions and priors, printed on the page
Known limits and failure modes, disclosed up front
Probability, expected value, and confidence interval on every read
Plain-language interpretation beside every number

✕ YOU WILL NEVER SEE

Win rates or performance promises — honest research can't offer them
Guaranteed returns, in any form
Countdown timers or fake scarcity — the research is the pitch
Paid testimonials or hired endorsements

RESEARCH STANDS ON METHOD, NOT HYPE · GAMMASTRAT PUBLISHES RESEARCH — NOT INVESTMENT ADVICE

06PRICING

Start Free. Scale When You're Ready.

Every tier is cumulative and includes its terminal. Gamma holds everything — all reports, all tickers, and every report we publish in the future, at no added cost.

STEP 01

Start Your Trial

Create your account and today's five trial reports — including the Alpha Terminal — are on your screen immediately.

STEP 02

Read the Desk

Fourteen days of the real daily product, every trading day before the open. Judge the research on its substance.

STEP 03

Choose Your Tier

Stay on Alpha, or step up to Delta or Gamma. Tiers are cumulative — the desk grows, nothing resets.

FREE TRIAL

A DELIBERATE TASTE OF PAID CONTENT

FREE

Two weeks. Full daily cadence.

Strategy Consensus
Sentiment Gauge
Daily Options Activity
Alpha Terminal — the real product, not a demo
Alpha Summary

ALPHA

THE BASE DESK

$79 / MONTH

7 REPORTS · ALPHA TERMINAL INCLUDED

Strategy Consensus
Sentiment Gauge
Daily Options Activity
Alpha Summary
Daily Comprehensive Summary
Options Probability Dashboard
Alpha Terminal (interactive desk view)
Daily “State of the Markets” Newsletter (delivered via email)

DEALER MAPDEALER POSITIONING DAILY

Add it for $300 / year

~80 TICKERS · GEX-BY-STRIKE · DAILY

DELTA

THE VOLATILITY DESK

$135 / MONTH

13 REPORTS · DELTA TERMINAL INCLUDED

★ INCLUDES TRADEABLE DISLOCATION SIGNALS

Everything in Alpha
Market Risk Reward Analysis
Volatility Curve
Daily Volatility State
Strategy Scoreboard with ★ TD Signals
Delta Summary
Delta Terminal
Daily “State of the Markets” Newsletter (delivered via email)

DEALER MAPDEALER POSITIONING DAILY

Add it for $200 / year

~80 TICKERS · GEX-BY-STRIKE · DAILY

★ FULL ACCESS

GAMMA

THE FULL DESK

$170 / MONTH

24 REPORTS + ALL FUTURE · GAMMA TERMINAL INCLUDED

Everything in Alpha and Delta
Volatility Risk Premium & Signal Confidence
Ticker Watchlist, Sentiment, Momentum
Demand Heatmap & Probability Surface
Sector Wall & Directional Conviction
Gamma Terminal (full 80-ticker desk)
Dealer Positioning Daily — included free
Every future report, at no added cost
Daily “State of the Markets” Newsletter (delivered via email)

INCLUDEDDEALER POSITIONING DAILY

Included free — no extra cost

~80 TICKERS · GEX-BY-STRIKE · DAILY

ALPHA: 3-MONTH MINIMUM ON MONTHLY BILLING · ALL ANNUAL PLANS BILLED UPFRONT · CANCEL ANYTIME

SUBSCRIPTIONS BUY RESEARCH, NOT INVESTMENT ADVICE — FULL DISCLOSURE IN THE FOOTER

07QUESTIONS

Frequently Asked

Q01What exactly is GammaStrat?▸

A subscription options-market research firm. Every trading day, before the open, we publish a suite of quantitative reports — dealer positioning, volatility regime, put/call flows, probability rankings, and relative-value migrations — plus interactive terminals that synthesize the day's research onto one screen. Every number is consistent across the entire suite. Every assumption is disclosed.

Q02Who is it for?▸

SPX and index options traders, volatility traders, premium sellers and spread traders — anyone who wants to understand the structural conditions the market is trading in before they size a position. If your process starts with "what is the options market actually pricing right now?", this was built for you. Futures traders and directional equity traders also use the gamma levels and volatility structure to inform entries and exits.

Q03How is this different from options flow scanners?▸

Flow scanners show you what was traded. We show you what it means. A large call sweep could be a bullish bet or a hedge against a short stock position — raw flow can't tell you which. GammaStrat runs the data through quantitative models to determine the volatility regime, dealer positioning, and probability surfaces. We give you the structural context, not just the tape.

Q04What does the research actually give me?▸

It tells you what the options market is pricing, where that pricing detaches from measured reality, and how much confidence each reading carries — probability, expected value, and confidence interval, with the assumptions and known limits printed on the report. What you do with it is your decision. We publish research, not investment advice.

Q05Do I need to be an options expert to use it?▸

You don't need to be an expert to start — but you will think like one quickly. Every report carries plain-language interpretation alongside the numbers, and the terminals explain what each mark means on hover. The research is designed to be rigorous and readable at the same time.

Q06How often is everything updated?▸

Every trading day, before the open. Each report reflects the latest options positioning, current volatility conditions, and updated probability rankings. The terminals redraw from that day's reports.

Q07What markets are covered?▸

SPX, QQQ, GLD, TLT, major liquid equities, and volatility products (VIX, VVIX). The full ranked universe runs approximately 80 tickers. The Gamma tier covers all of them.

Q08Can I see it before paying?▸

Two ways. Sample reports are available now at no cost — see exactly what lands on the desk each morning. The Free Trial is 14 days of the real daily product, including the Alpha Terminal. It is deliberately a taste of paid content, not a stripped demo.

Q09Why don't you publish win rates or performance numbers?▸

Because honest research cannot promise outcomes — and performance marketing is the single most reliable red flag for an untrustworthy research service. We publish method: probability, expected value, confidence interval, and the assumptions behind each of them, printed on the report. The research argues from evidence. You judge it on substance, every morning of the trial.

Q10How quickly can I start?▸

Immediately. Sign up and the current day's reports and terminal are on your screen. New research arrives every trading day from then on.

Q11How does billing work?▸

Monthly or annual, your choice. Alpha is $79/month (three-month minimum on monthly billing) or $900/year. Delta is $135/month or $1,500/year. Gamma is $170/month or $1,900/year. Tiers are cumulative — each includes everything below it. You can cancel anytime. Dealer Positioning Daily is an optional upgrade: $300/year on Alpha, $200/year on Delta, and included free with Gamma.

Q12What is Dealer Positioning Daily?▸

A standalone platform — one screen per ticker, across the full ~80-name universe — showing where dealers are positioned and what their hedging mechanics imply. It maps the GEX-by-strike profile, tracks day-over-day migration, and reads key structural levels directly from the net GEX curve: the gamma flip, zero-GEX, and max ±GEX strikes. Alpha and Delta subscribers can add it for $300/year or $200/year respectively. Gamma includes it.

Stop Trading Price. Start Trading Structure.

Trading Blind Is Expensive.

Invisible Dealer Mechanics

Mispriced Volatility

Noise Without Context

There's Math Behind Every Move. We Make It Legible.

The Trading Terminals.

The Gamma Terminal

The Delta Terminal

The Alpha Terminal

Dealer Positioning Daily

Published Every Trading Day, Before the Open.

Built by Experts in Options.

Quantitative, Disclosed, and Adversarially Tested

Known Limits, Printed on the Page

Start Free. Scale When You're Ready.

Start Your Trial

Read the Desk

Choose Your Tier

Frequently Asked

Trade the Structure. Not the Noise.