Read Auction.Not the Noise.

• Market StructureKey Highs and Lows, Range boundaries, VAH, VAL, POC.
• VWAP ReferencesSession VWAP's, Rolling VWAP's and Anchored VWAP's across Relevant timeframes.
• Auction Market Theory (AMT)TPO Profiles, Naked Point of Controls (n'POCs), High Volume Nodes (HVN's), Single prints (SP's), Incomplete Auctions, Poor Highs/ Lows, Buying and selling Tails.
• Resting LiquidityBids and Asks walls, Orderbook Depth Delta, Chasing Bids and Chasing Asks.
• Liquidation MapsPrice Levels with Concentrated Estimated Liquidation exposure.

These References map auction structure, value and areas of resting or potential forced-flow liquidity. A level is an area of interest, not a trade signal.

• Gamma ExposureNet GEX, Gamma by Strike and Expiry, GEX flip and estimated Dealer Gamma Regime.
• Dealer ExposureDealer delta and estimated hedging requirements.
• Strike StructureCall walls, Put walls and Open interest or Gamma Exposure Concentrations.
• Expiry Structure0DTE, Weekly, Monthly and All-Expiry Exposure, including Specific timeline Expiry dates and their contribution to Aggregate Exposure.
• Put/Call RatioAccording to the underlying dataset, Relative Put-to-Call Activity or Positioning.
• 25Δ SkewThe implied-volatility differential between comparable 25-delta puts and calls, using the Data provider's convention.
• Implied Volatility (IV)The Volatility priced into Options across Strikes and Expiries.
• Net VEX (Vanna Exposure)Estimated Exposure to changes in Options Delta as implied volatility(IV) changes.
• Max PainThe Expiry price that minimizes Aggregate intrinsic Option payouts under the selected calculation.

Interpret options metrics collectively. Gamma Exposure and Walls are not guaranteed support or resistance. Put Skew reflects relative demand and pricing for downside protection, not a certain directional outcome. Distinguish modelled Exposure and Open-interest data from executed options transactions.

• DOMDisplays resting limit orders on the Bid and Ask sides, including Order-Book depth, Additions, Cancellations, Replenishment and Liquidity Withdrawal as Price approaches Key Levels.
• Aggressive FlowMarket buys lifting the Ask and market Sells hitting the bid. Assess which side initiates trades and whether the Aggression moves price.
• Net Positioning & Open InterestChanges in exposure and outstanding contracts, used to contextualize price movement and distinguish Positioning changes from Aggressive trade flow.
• FootprintExecuted Bid and Ask Volume at each price level, diagonal and Stacked imbalances, and the distribution of Aggressive Buying and Selling.
• Volume & DeltaTraded volume, Bid × Ask volume, Candle Delta and changes in participation. Interpret Delta alongside price progress rather than in isolation.
• LiquidationsForced position closures and their contribution to Aggressive flow, volume expansion and Price displacement.
• Spot ParticipationSpot delta, spot CVD and Spot-versus-Perpetual flow divergence to assess whether Spot Activity supports or contradicts the move.
• Cumulative Volume DeltaSpot CVD and perpetual-futures CVD, compared with price to identify divergences in Aggressive participation.
• Cross-Exchange FlowDifferences in Spot and Derivatives CVD and participation across exchanges, used to assess where aggressive activity is concentrated.
• AbsorptionSustained Aggressive Buying or Belling met by passive liquidity, with limited price progress despite continued traded volume.
• Price ResponseAcceptance, Rejection, Displacement, Failed breakouts, Failed breakdowns, Absorption and Follow-through after Aggressive activity reaches a Key level.

The objective is to determine whether Aggressive Flow produces price displacement, is absorbed by passive liquidity, or fails to sustain the move. No single Delta reading, Footprint Imbalance, Liquidation event or CVD divergence establishes direction on its own.

Positioning is the directional decision derived from the combined market read: long, short or flat, conditional on the thesis and its invalidation.

Execution is the implementation of that decision through Entry confirmation, defined risk, Position management and Exit criteria as price and order flow evolve.