Three Research Themes for Q2 2026
Rate path uncertainty, a shifting volatility regime, and earnings season positioning — the forces most likely to drive options market behavior through the second quarter. We break down the macro drivers and what they mean for portfolio construction.
Read More →MARKET COMMENTARY
Explore →Reading the VIX: When Fear Becomes a Signal
The CBOE Volatility Index sits at levels that have historically preceded meaningful market turns. Here's how to interpret what the VIX is actually telling us — and what backwardation versus contango tells traders about positioning.
May 5 — Broad Market Rally Stalls at Resistance
After four weeks of gains, the S&P 500 met sellers at a key technical level. We examine the volume profile, sector rotation, and what earnings season could mean for the next move.
VIX Term Structure: A Leading Indicator for Portfolio Risk
The relationship between short-dated and longer-dated VIX futures can signal regime changes before price does. We look at how the term structure is currently positioned and what it implies for near-term volatility expectations.
EDUCATION
Explore →Implied Volatility Crush: How to Position Ahead of Earnings Season
IV crush is one of the most predictable events in options markets — and one of the most misunderstood by retail traders. This piece explains the mechanics and walks through the calendar spread approach to harvesting IV decay.
Understanding Put-Call Parity: The Foundation of Options Pricing
Put-call parity is the relationship that makes options markets coherent. Once you understand it, the entire options pricing framework — and many arbitrage opportunities — become immediately legible.
The Greeks, Explained: Delta, Gamma, Theta, and Vega
Delta, gamma, theta, vega — these four letters are the vocabulary of options risk. We explain each one in plain English, with specific examples showing how they interact in a real position.