# Options Positioning, Explained From Zero > Eleven short lessons on what a gamma exposure dashboard actually shows — one idea at a time, in plain words, each one checked against a live chain you can open without an account. *2026-09-24 · GammaGrid Guide · Guide · * --- ## What this guide is for Options dashboards put a lot of numbers on one screen — walls, flips, max pain, skew, put/call — and most explanations assume you already know half of them. This guide starts from zero and adds one idea per lesson, in the order you need them. ## What "positioning" means Every open option contract has two sides: someone bought it, someone sold it. Many of the sellers are dealers, and dealers do not want to bet on the price, so they hedge by buying or selling shares of the stock. Positioning is the map of where all those contracts sit — which strikes, which expiries, calls or puts — and of the hedging they force. That hedging is real buying and selling. It is why positioning can nudge a price even though nobody is trying to move it, and why the same few levels show up on every gamma exposure dashboard. ## How the lessons work - **One idea per lesson,** and every term is explained before it is used. - **A real example** with the numbers of the day the lesson was written, from GammaGrid's own collection on a delayed public chain. - **A link to the same screen in the live demo,** so you can check the lesson against today's numbers — no sign-in needed. - **A section called "What this does not tell you".** Every one of these numbers has an edge, and the edge is where people get hurt. > **not advice.** > This guide explains what the numbers measure. It does not tell you what to trade, and nothing here is investment advice. ## Where to start If you have never looked at an options chain, start with lesson 1 and go in order. If you already know open interest and implied volatility, start with lesson 5, on dealers and gamma — the rest of the guide is built on it. ## The lessons 1. [The Options Chain: Strikes, Expiries, Calls, Puts and Open Interest](https://gammagrid.io/guide/options-chain/) — Every number on a gamma exposure dashboard is built from one table — the options chain. Here is what is in it, column by column, and how to read a single row out loud. Markdown: 2. [The Put/Call Ratio, Explained Simply](https://gammagrid.io/guide/put-call-ratio/) — One number that compares puts with calls — and two versions of it that answer different questions. Why the level matters less than the change, and how to tell a real shift from a glitch. Markdown: 3. [Implied Volatility, Skew and the Expected Move, Explained Simply](https://gammagrid.io/guide/implied-volatility/) — Implied volatility is the price of movement, written as a percentage. Here is how to turn it into dollars, why it is higher on some strikes than others, and which parts of the chart to ignore. Markdown: 4. [Max Pain, Explained Simply — and How Often It Actually Holds](https://gammagrid.io/guide/max-pain/) — Max pain is the price at which option buyers, all together, would lose the most at expiry. Here is how it is calculated, why every expiry has its own, and what happened when we checked whether prices actually go there. Markdown: 5. [Dealers, Hedging and Gamma: Positive vs Negative Gamma, Explained Simply](https://gammagrid.io/guide/dealer-gamma/) — The whole idea behind gamma exposure in four steps: dealers take the other side of options trades, dealers hedge with shares, the hedge has to change as the price moves, and the direction of that change decides whether moves get calmer or bigger. Markdown: 6. [Call Wall, Put Wall and Gamma Flip, Explained Simply](https://gammagrid.io/guide/walls-and-flip/) — Three levels sit on top of every gamma exposure dashboard. Here is what each one is built from, how to read the three together on a real chain, and why none of them is a price target. Markdown: 7. [How to Read a GEX Heatmap](https://gammagrid.io/guide/gex-heatmap/) — The heatmap is the whole chain's dealer gamma on one screen — strikes down the side, expiries across the top. Here is where to look first, what the colours mean, and why its levels do not always match the card above it. Markdown: 8. [Open Interest Changes Day to Day: Where Positions Were Opened and Closed](https://gammagrid.io/guide/open-interest-changes/) — Open interest only changes when a position is opened or closed, so the day-to-day change is the closest thing to a record of what people actually committed to. Here is how to read it, row by row. Markdown: 9. [Unusual Options Activity: What a Z-Score Flags, and Why It Is Not Insider News](https://gammagrid.io/guide/unusual-options-activity/) — An unusual-activity list is a list of contracts that traded far more than they normally do. Here is how "far more" is measured, why the top of the list is often not what it looks like, and what happened when we checked whether it predicts anything. Markdown: 10. [Option Greeks Explained Simply: Where Your Option's Price Went](https://gammagrid.io/guide/option-greeks-and-price/) — Four greeks, each one answering "how much of the price change came from this". Here they are in plain words, and then applied to a real SPY call that lost a third of its value while SPY went up. Markdown: 11. [Reading Positioning Day to Day: A Five-Minute Routine](https://gammagrid.io/guide/daily-routine/) — Everything in this guide comes together in one question you can answer in five minutes: what changed since yesterday, and does it matter? Here is the routine, step by step, on a real day when SPY's gamma regime flipped. Markdown: --- Source: https://gammagrid.io/guide/ GammaGrid — options positioning dashboard. Educational content, not investment advice.