Learn options market structure

18 lessons across 3 categories. ~130 minutes from zero to trading with structure. Free, forever.

Concepts (10)Playbooks (5)Strategy Guides (3)

Concepts

10 articles · 75 min

Master the fundamentals — Greeks, exposure metrics, structural levels, and market regimes.

1

The Greeks: Delta, Gamma, Theta, Vega in Plain English

A no-jargon guide to the four options Greeks every trader needs to understand — and how they affect your positions.

7 min readQuiz
2

What is Open Interest and Why It Moves Price

Open interest is the foundation of options market structure analysis. Learn what it is, how to read it, and why it matters more than volume.

6 min readQuiz
3

How Market Makers Create Structure

Market makers are the hidden force behind options market structure. Understanding how they hedge unlocks everything about support, resistance, and price behavior.

8 min readQuiz
4

What is Gamma Exposure (GEX)?

The definitive guide to Gamma Exposure — what it is, how it's calculated, and why it's the most important metric in options market structure.

9 min readQuiz
5

Delta Exposure (DEX) and Vega Exposure (VEX) Explained

GEX gets the attention, but DEX and VEX complete the picture. Learn how delta and vega exposure reveal directional pressure and volatility sensitivity.

7 min readQuiz
6

Call Walls, Put Walls, and Zero Gamma Explained

The three structural levels every trader should watch — what they are, why they form, and how to use them as dynamic support and resistance.

8 min readQuiz
7

Positive vs Negative Gamma: Why Regime Changes Everything

The gamma regime determines whether markets pin or trend, chop or breakout. Learn to identify regimes and trade accordingly.

8 min readQuiz
8

Expected Move: What the Options Market Predicts

The expected move tells you the range the options market prices in for any timeframe. Learn how it's calculated and how to use it in your trading.

6 min readQuiz
9

Vanna, Charm & the Second-Order Greeks

Beyond delta and gamma — how vanna (vol sensitivity of delta) and charm (time decay of delta) create structural forces most traders miss.

8 min readQuiz
10

Volatility Skew, Term Structure & the Vol Surface

How to read an implied volatility surface, understand skew and term structure, and use vol analysis to identify mispricing and market sentiment.

8 min readQuiz

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Playbooks

5 articles · 34 min

Hands-on tool guides — one for each GammaLens tool, driven by real scenarios.

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The Strategy Guides give you cross-tool frameworks for daily trading.

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Strategy Guides

3 articles · 21 min

Cross-tool frameworks for trading the OpEx cycle, timing entries, and building a daily workflow.

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Lenny
GammaLens AI Assistant
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Hey! I'm Lenny.

Ask me about GammaLens tools, options structure, pricing — anything.

Lenny is for educational purposes only. Not investment advice.