QUANTUMFLOW GLOSSARY Quantitative Derivatives & Options Terminology
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Quantitative Derivatives Glossary

Published: August 8, 2026 • Authored by QuantumFlow Engineering Team • SEBI Compliant

Dealer Net Gamma Exposure (Net GEX)

The aggregate gamma positioning held by options market makers across all strike prices in ₹ Crore. Positive GEX dampens volatility; Negative GEX accelerates momentum.

Zero Gamma Line (ZGL)

The simulated spot price level where net dealer gamma flips from positive to negative. Functions as a key market regime pivot boundary.

Active Range PCR

Put-Call Ratio calculated strictly for near-the-money strikes (ATM ±10 strikes), filtering out far out-of-the-money noise for immediate tactical signals.

Max Pain Point

The strike price at which total intrinsic value payout to option buyers is minimized, creating a theoretical pinning target on expiry afternoons.

Expected Move (1-Sigma)

The statistically calculated 68.2% probability price range for an expiry, derived from the ATM straddle price.

Vanna Exposure (VEX)

The rate of change of option delta with respect to changes in implied volatility ($\partial \Delta / \partial \sigma$).

Charm Exposure (CEX)

The rate of change of option delta with respect to the passage of time ($\partial \Delta / \partial T$), measuring weekend/overnight delta decay.

Call Wall & Put Wall

The strikes with the largest positive Call Gamma (resistance) and Put Gamma (support) defending price floors and ceilings.