DiscoverExcess ReturnsHow Option Dealer Flows Impact the Stock Market
How Option Dealer Flows Impact the Stock Market

How Option Dealer Flows Impact the Stock Market

Update: 2025-07-11
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Billions are moving through the stock market every day—but not for the reasons most investors think.

In this episode, Brent Kochuba of SpotGamma breaks down the hidden world of options dealer flows and explains how concepts like gamma, vanna, and charm are silently shaping market behavior. Whether you’re a trader or long-term investor, understanding these behind-the-scenes forces is essential to making sense of today’s volatility.

We discuss:

  • What dealer hedging flows are—and why they matter

  • How options flows move billions without a fundamental trigger

  • The role of gamma, vanna, and charm in stock price action

  • Why expiration cycles often mark major market turning points

  • Real-world examples: GameStop, Tesla, Nvidia, and the S&P 500

  • What traditional investors miss by ignoring these dynamics

Even if you’ve never traded an option, this episode will change how you see the market.


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How Option Dealer Flows Impact the Stock Market

How Option Dealer Flows Impact the Stock Market

Excess Returns