Learn the options, volatility and technical-analysis measurements

Each measurement in Vyreon's upcoming reports is explained here: what it is, the exact formula and settings Vyreon uses, how to read it, and what it does not tell you. Examples use illustrative numbers.

Options Basics

Call vs Put Options: Rights, Obligations and Payoff at Expiration: What calls and puts are, buyer and seller rights and obligations, payoff and breakeven formulas at expiration, and what the premium is made of.
Option Moneyness: In the Money, At the Money, Out of the Money: ITM, ATM and OTM for calls and puts, ways to measure moneyness, and Vyreon's buckets: at the money within ±2%, 2–10% and over 10% out of the money.
Intrinsic vs Extrinsic Value of Options: Time Value and Decay: Intrinsic value formulas for calls and puts, extrinsic (time) value, what drives it, and how it decays toward expiration, with an illustrative example.
Option Greeks Explained: Delta, Gamma, Theta, Vega and Rho: What delta, gamma, theta, vega and rho measure, their units and behaviour, the Black–Scholes–Merton formulas, and how Vyreon computes its own Greeks.
Options Expiration and Assignment: Exercise, Early Assignment, Pin Risk: How US equity and ETF options expire: automatic exercise of in-the-money contracts, random assignment, early assignment around dividends, and pin risk.
Option Volume vs Open Interest: Flow vs Open Contracts: Volume counts contracts traded today; open interest counts contracts still open. How OI updates overnight and why volume can exceed open interest.

Options: Positioning And Activity

Put/Call Ratio: Volume vs Open Interest, Averages and History: How the put/call volume and open-interest ratios work, their 5/10/30-session averages and own-history percentile, and why bullish/bearish rules fail.
Open Interest: Change in OI, Expiries and OI by Strike Explained: What option open interest is, why the raw change misleads around expiries, and how open interest by strike is summarized. Always as of the previous close.
Max Pain in Options: Formula, Calculation and Its Limits: Max pain is the strike where option holders would collect least at expiry. How it is calculated from open interest, and why it is not a price prediction.
Unusual Options Activity: Volume vs Average and Open Interest: Unusual options activity measured: volume vs its 21-session average, turnover, and volume above open interest by expiry and moneyness. Activity, not direction.
0DTE Options: What They Are and the Share of Option Volume: What 0DTE (zero days to expiration) options are, why same-day volume exceeds open interest, and how Vyreon measures 0DTE share of option volume.
Gamma Exposure (GEX), Call Wall, Put Wall and Gamma Flip Explained: What gamma exposure (GEX) measures in dollars per 1% move, how call/put walls and the gamma flip are found, and why net GEX rests on a dealer assumption.
Delta, Vanna and Charm Exposure: Option Greeks in Dollars: Delta, vanna and charm exposure explained: units, calls vs puts, and why the conventional net figure assumes dealer positions nobody observes.

Options: Pricing And Volatility

Implied Volatility (IV) Explained: 30-Day At-the-Money IV30: What implied volatility is and how Vyreon measures 30-day at-the-money IV: put and call IV at spot, interpolated to 30 days. Not the VIX.
IV Rank vs IV Percentile: Definitions and Why They Disagree: IV rank vs IV percentile: formulas, why one spike makes them disagree, 126- and 252-session windows, minimum history, and what a "good" IV rank is.
IV vs Realized Volatility: Implied Minus Historical Volatility: 30-day implied volatility minus 21-session realized volatility, in volatility points, and their ratio. Priced vs recent movement, not a profit estimate.
Implied volatility skew explained: What IV skew across strikes shows, why downside puts usually carry higher implied volatility, and what skew does not tell you.
IV term structure: contango, inversion and earnings bumps: How implied volatility changes with time to expiry, what an inverted term structure means, and why earnings create bumps.
Expected Move: Straddle Formula, Implied Volatility and Limits: How the options expected move is calculated from the at-the-money straddle, how it relates to implied volatility (≈0.8 × σ√t), and why it isn't a range.
Options-Implied Probability: How the Calculator Works: Risk-neutral odds of a 5% or 10% move in 30 days from implied volatility, the N(d2) formula, the 1-sd range, and why priced odds aren't real-world odds.
Earnings Expected Move and IV Crush: Straddle Pricing Explained: Next earnings date and timing, the straddle-priced move to the first expiry after earnings, and IV crush in 30-day implied volatility after the report.
Covered Call and Cash-Secured Put Yield: Premium as a % Explained: How covered-call and cash-secured put yields are calculated at the money and 5%/10% out, for the ~30-day expiry, and why a premium is not a return.
Option Bid-Ask Spread: Relative Spread and Trading Cost Explained: What the option bid-ask spread measures, how relative spread is calculated for near-the-money options, and why closing spreads differ from intraday.

Price, Volume And Risk

Realized (historical) volatility explained: How realized volatility is calculated, how it differs from implied volatility, and why dividends and splits must be adjusted for.
Unusual Stock Volume: Relative Volume (RVOL) Explained: How to tell if a stock's trading volume is unusual: relative volume compares today's shares traded with the security's own median day, and what it does not tell you.
VWAP (Volume-Weighted Average Price): Formula and Close vs VWAP: What VWAP is, how it's calculated, what close vs VWAP means, and why Vyreon shows the venue share of its Cboe One intraday bars.
On-Balance Volume (OBV), Volume-Price Trend, VWMA and Volume Oscillator: How on-balance volume and volume-price trend are calculated, plus the 5/20 volume oscillator and the 20-day volume-weighted moving average.
Money Flow Index (MFI) and Chaikin Money Flow: Formulas Explained: The money flow index (14) on typical price with its 80/20 conventions, and Chaikin money flow (20): formulas, examples and limits.
Beta and Correlation vs SPY: Formulas and What They Mean: What beta and correlation measure, how they're calculated from daily log returns vs SPY over 63 and 252 sessions, and what they don't tell you.
Relative Performance vs SPY: Total Return Over 1, 3, 6 and 12 Months: How total-return performance is measured over 1, 3, 6 and 12 months, compared with SPY, and why the difference is in percentage points.
Max Drawdown: Drawdown From 1-Year High, Downside Deviation, Worst Days: What maximum drawdown is, drawdown from the 1-year high, sessions since the high, downside deviation, and worst 1/5/21-session returns.

Technical Indicators

RSI (Relative Strength Index): Formula, Meaning and How to Read It: RSI formula with Wilder smoothing over 14 sessions, what 70 and 30 mean by convention, and how Vyreon ranks RSI against its own past year.
200-Day Moving Average, SMA vs EMA, Golden Cross and Death Cross: How simple and exponential moving averages work, the 20/50/100/200-day averages, distance from the average, and golden and death crosses.
MACD Explained: Formula, Signal Line, Histogram and Crossovers: MACD is the 12-day EMA minus the 26-day EMA. Learn the signal line, histogram and crossover conventions, and why MACD is in price units.
Bollinger Bands: Formula, %B, Bandwidth and the Squeeze: Bollinger Bands sit 2 standard deviations around a 20-day average. How %B and bandwidth are calculated and what a squeeze describes.
Stochastic Oscillator and Stochastic RSI: Formula and 80/20 Levels: Slow stochastic (14,3,3) %K and %D and Stochastic RSI (14,14,3,3): the formulas, the 80/20 conventions and what they measure.
Williams %R: Formula, −20/−80 Levels and Stochastic Comparison: Williams %R(14) places the close within its 14-session range from −100 to 0. The formula, the −20/−80 conventions and its link to stochastics.
CCI (Commodity Channel Index): Formula, ±100 Levels, How to Read: CCI(20) compares typical price with its 20-session average, scaled by 0.015 × mean absolute deviation. Formula and the ±100 conventions.
ADX Indicator: Formula, +DI and −DI, and the 25 Trend Level: ADX(14) measures trend strength, not direction, using +DI, −DI and Wilder smoothing. The formula and the 25 trend-strength convention.
ATR (Average True Range): True Range, Wilder's Formula and ATR %: ATR measures how much a security typically moves in a day, gaps included. True range, Wilder's 14-session formula, and ATR as a percent of price.
Parabolic SAR: Formula, Acceleration Factor and Stop-and-Reverse: How Wilder's Parabolic SAR works (step 0.02, max 0.2), how the trailing level flips, and what the UP/DOWN reading does not tell you.
Ichimoku Cloud: Tenkan, Kijun, Senkou Spans and Price vs Cloud: The Ichimoku cloud explained: 9/26/52 midpoints, spans displaced 26 sessions, and what above, below or inside the cloud conventionally means.
Keltner, Donchian and Regression Channels: Price Channel Formulas: Three price channels explained: Keltner (EMA20 ± 2×ATR10), Donchian (20-day high/low) and a 50-session linear regression channel with slope.
SMA vs EMA: Simple vs Exponential Moving Average Explained: SMA vs EMA: formulas, weights, lag and which reacts faster, with an illustrative step example and how Vyreon uses SMA 20/50/100/200 and EMA 12/26.
RSI vs Stochastic Oscillator: What Each Measures and Why They Differ: RSI measures the balance of gains and losses; the stochastic shows the close's place in its range. Scales, 70/30 vs 80/20, and when the two disagree.
MACD vs RSI: Trend-Following vs Momentum Oscillator: MACD is a gap between EMAs in price units; RSI is a 0–100 balance of gains and losses. How they differ, how they complement, and how Vyreon computes them.
Bollinger Bands vs Keltner Channels: Standard Deviation vs ATR: Bollinger Bands use the standard deviation of closes, Keltner channels use ATR. Formulas, how they respond differently, and Vyreon's 20,2 and EMA20 ± 2×ATR10.

Price Levels And Patterns

Pivot Points: Pivot Point Formula for Support and Resistance Levels: Classic floor-trader pivot points: how P, R1–R3 and S1–S3 are calculated from a session's high, low and close for the next session.
Fibonacci Retracement Levels: 23.6%, 38.2%, 50%, 61.8%, 78.6%: How Fibonacci retracement levels are calculated over 63- and 252-session swings, rally vs decline, and why they're a convention, not a forecast.
Candlestick Patterns: Doji, Hammer, Engulfing, Star Rules Explained: The exact rules Vyreon uses to detect doji, marubozu, hammer, engulfing, harami, morning/evening star and more, plus inside bars, NR7 and gaps.