The conceptual link between short sales and investor buying activity—the key to understanding what "short volume" really means—has never been clearly drawn before [now].
– Short is Long

Trades marked with the seller "short" comprise about 49% of equity share volume [...] it's no coincidence.
– Short is Long

Very high relative percentages (≥45% [DIX]) of dollar-weighted short volume are associated with mean 60-market-day returns of 5.3%, as compared to a mean of 2.8% across the whole dataset.
– Short is Long

Since few have even acknowledged the pervasive impact of existing options on their underlying stocks, none have put forward a pragmatic model for predicting the day-to-day impact of those options. Gamma Exposure (GEX) is the first attempt at such a model.
– Gamma Exposure

[...] a GEX figure that is positive implies that option market-makers will hedge their positions in a fashion that stifles volatility (buying into lows, selling into highs). A GEX figure that is negative implies the opposite (selling into lows, buying into highs), thus magnifying market volatility.
– Gamma Exposure

Note the exponential increase in volatility as GEX trends below zero, and the gradual tightening of the distribution as GEX rises.
It would be difficult to come up with an alternate explanation for this behavior.
– Gamma Exposure

This means that we can build a uniquely information-rich "implied order book" simply by knowing how existing options must be hedged. From this, we will be able to see where option-originated liquidity is abundant, and where it is scarce.
– The Implied Order Book

But now you'd have to explain how high IV actually causes liquidity to be taken from the market. [...]
The answer is vanna.
– The Implied Order Book

When put-selling becomes the norm, crashes happen.
– The Implied Order Book

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– Short is Long