# Options Dictionary

* **Moneyness**\
  Describes the relationship between an option’s strike price and the underlying asset’s price.\
  • *ITM (In the Money)*: Option has intrinsic value.\
  • *ATM (At the Money)*: Strike ≈ current price.\
  • *OTM (Out of the Money)*: Option has no intrinsic value.
* **Delta Exposure**\
  The total directional sensitivity of a portfolio to the underlying stock, based on all open option positions.
* **Delta Impact**\
  The influence that changes in delta exposure have on hedging flows. High delta impact can lead to increased buying or selling pressure in the underlying.
* **Open Interest (OI)**\
  The number of active (unsettled) contracts for a given option. High OI suggests strong market interest and better liquidity.
* **Implied Volatility (IV)**\
  The market’s expectation of future price volatility, derived from current option prices. Higher IV often reflects uncertainty or event-driven risk.
* **Options Activity Type**\
  Classifies how and where options are traded:\
  • *Unusual Options Activity (UOA)*: Abnormally large trades, often considered a signal.\
  • *Sweep*: A fast execution strategy across multiple exchanges.\
  • *Block Trade*: A large order executed privately, usually institution-driven.
* **Trade Type**\
  Specifies trade intent and position status:\
  • *Opening*: Initiating a new options position.\
  • *Closing*: Exiting an existing position.\
  • *Buy-to-Open*, *Sell-to-Close*, etc., indicate direction.
* **Sentiment**\
  The perceived market outlook behind a trade:\
  • *Bullish*: Expecting price to rise.\
  • *Bearish*: Expecting price to fall.\
  • *Neutral*: Strategy not based on direction but on volatility or time decay.
* **Call Ladder**\
  A strategy involving buying one call and selling two others at higher strikes. It reduces upfront cost but limits upside potential.
* **Gamma Squeeze**\
  A sharp price increase driven by dealers forced to buy stock as call options they’ve sold gain delta, often amplifying bullish momentum.
* **Call Wall vs. Put Wall**\
  • *Call Wall*: Strike with the highest call open interest—may act as a resistance zone.\
  • *Put Wall*: Strike with the highest put open interest—may serve as a support level.


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