Everything you need to get actionable options context from the IVT framework — from first login to reading your results like a pro.
The IVT Options Analyzer is a context engine — not a trade signal. It takes your IVT Terminal readings and options market structure data, and generates an AI-powered analysis of the options environment for a specific instrument.
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The IVT (Institutional Volume Tracking) framework has three layers. The analyzer uses all three to contextualise options positioning.
The Cantillon sequence runs: Liquidity → Equities → Risk Assets. Downstream assets cannot sustainably rally without upstream stabilising. Your Regime State and Macro Bonus Score place the instrument in this sequence.
| Regime | Options Implication |
|---|---|
| FULL RISK-OFF | Short premium structures at high risk. Avoid short puts. IV likely to expand. |
| ACCUMULATION | Ideal environment for defined-risk longs and bull call spreads at support. |
| EARLY CYCLE | Vol typically compressing. Premium selling begins to have edge. |
| FULL RISK-ON | Covered calls and cash-secured puts work well. IV suppressed. |
| DISTRIBUTION | Elevated put buying justified. Avoid naked short vol. |
| LATE CYCLE | Mixed. Skew likely steepening. Watch for vol term structure inversion. |
The Volume Compression state is one of the most important inputs for options. It tells you whether implied volatility is likely priced correctly relative to future realised volatility.
| State | Meaning | Options Edge |
|---|---|---|
| COILED | Volume compressed, base forming | IV typically suppressed → premium buying has positive expectancy |
| BUILDING | Volume expanding, move underway | Neutral — IV expanding with move |
| EXPANDED | Volume expanded after a move | IV elevated post-move → premium selling begins to have edge |
Stability (2/2 / 1/2 / 0/2) reflects institutional accumulation. 2/2 = both volume signals confirming = base forming. 0/2 = volume dispersing, no base.
AVWAP Direction shows where institutional reference is trending. A falling AVWAP is structurally dangerous for short puts — institutions are exiting.
SD2L (2-Sigma Low) is a mean-reversion signal. Most powerful when combined with COILED compression and an ACCUMULATION regime.
| Field | What to enter |
|---|---|
| Ticker Symbol | Any equity, index, crypto or ETF. e.g. NVDA, SPX, BTC |
| Instrument Type | Select the category. Affects how the analyzer interprets Cantillon position (crypto sits downstream of equities). |
| Field | What to enter |
|---|---|
| Regime State | Your current IVT Terminal reading for the macro cycle. |
| Macro Bonus Score | -3 to +3. Your composite score of macro tailwinds/headwinds. Negative = headwinds. Positive = tailwinds. |
| Field | What to enter |
|---|---|
| IVT Bias | The directional bias your IVT Terminal is showing for this instrument. |
| Volume Compression | COILED (base forming), BUILDING (expanding), or EXPANDED (post-move). |
| Stability | 2/2 = both signals confirming accumulation. 1/2 = mixed. 0/2 = dispersing. |
| VWAP Deviation (%) | How far price is from the Anchored VWAP. Negative = below. e.g. -2.91 |
| Confluence Score | Your overall conviction score from the IVT Terminal. 7+ = high conviction. Below 3 = weak setup. |
| Field | What to enter |
|---|---|
| Spot Price | Current underlying price. Used to auto-calculate % distances to all key levels. |
| Expected Move (±%) | The implied move from the ATM straddle for your target expiry. e.g. 1.8 means ±1.8%. |
| Max Pain | The price where the maximum number of options expire worthless. Markets often gravitate here into OPEX. |
| DTE Focus | Select your target expiry horizon. 0DTE = Charm/Gamma dominant. Weekly/Monthly = Vanna/Vega dominant. |
| Field | What to enter |
|---|---|
| Total OI | Aggregate open interest. e.g. 2.4M. Higher OI = more structural support at walls. |
| Put/Call Ratio | OI or volume based. Above 1.2 = fear/hedging. Below 0.7 = complacency/call chasing. |
| RVOL | Relative volume vs. average. Above 1.5 = unusual activity confirms moves. Below 0.7 = low conviction. |
| OI Change vs. Yesterday | BUILDING = new positions = conviction. UNWINDING = exits, less reliable signal. |
GEX (Gamma Exposure) is arguably the most important structural layer for short-term options traders. It tells you how Market Makers are hedging and whether they are amplifying or dampening price moves.
The price level where Market Makers flip from Long Gamma to Short Gamma.
The Call Wall is the strike with the largest net positive gamma — it acts as a hard ceiling. Dealers sell stock as price approaches it. The Put Wall is the strike with the largest net negative gamma — it is the absolute floor or waterfall trigger.
If Spot Price is filled, the analyzer automatically calculates the % distance from spot to each level. This makes the structural context immediately actionable.
| Reading | Market Behaviour | Options Implication |
|---|---|---|
| Positive | Dealers long gamma — dampen volatility, pin price | Vol selling has edge. Theta decay works in your favour. |
| Neutral | Near flip zone — unstable | Directional risk elevated. Wider spreads recommended. |
| Negative | Dealers short gamma — amplify moves | Long vol / defined-risk directional. Avoid short naked premium. |
| Profile | Meaning |
|---|---|
| Pinning | Price is trapped between walls — OPEX magnetic effect in play. Iron condors and short straddles work well. |
| Sliding | Price drifting away from support — structure breaking down. Avoid short puts into the move. |
| Wall-Heavy | Strong ceiling or floor defined. Directional structures targeting wall as target price. |
Vanna measures how dealer delta shifts when Implied Volatility changes. When IV drops (a vol crush) and Vanna is positive, dealers are forced to buy stock to stay hedged — this is why markets often rally after a scary event resolves.
Charm measures how delta decays as time passes. On OPEX weeks, Charm creates a buying tailwind in the afternoons as dealer hedges melt away.
| Skew | What it means | Implication |
|---|---|---|
| Steep Put Skew | OTM puts trading at massive IV premium vs calls | Institutions paying for disaster insurance. Market is hedged. Selling put spreads is expensive but risky. |
| Flat | Puts and calls priced similarly | Complacency. Market not hedged. Good environment for straddles or defined-risk plays. |
| Call Skew | OTM calls at premium vs puts | Upside chasing. Elevated call IV — selling covered calls has strong edge. |
The most direct measure of whether options are fairly priced.
| Range | Interpretation |
|---|---|
| 70 – 100% | Elevated vol. Selling premium has statistical edge. Good for credit strategies. |
| 30 – 70% | Normal range. Neither buyer nor seller has strong statistical edge. Use other confluence. |
| 0 – 30% | Suppressed vol. Buying premium cheap. Good for long options, calendars, backspreads. |
| Structure | Meaning |
|---|---|
| Normal | Future vol priced above near-term. Healthy market. Calendar spreads have edge (sell front month, buy back). |
| Flattening | Near-term IV rising relative to back months. Event or uncertainty building near-term. |
| Inverted | Near-term fear elevated above future vol. Classic panic signal — often precedes mean reversion rally. |
Large sweeps and block trades represent institutional directional conviction. When unusual flow aligns with your IVT bias and GEX structure, it significantly increases confluence.
High-conviction setup: Bullish IVT Bias + Bullish Unusual Flow + Positive Net GEX + COILED compression = very strong environment for defined-risk longs.
Warning: Bearish flow + Negative Net GEX + Falling AVWAP = do not sell puts. Acceleration risk is high.
Dark pool activity shows where large institutions are transacting equity. Bullish dark pool prints combined with call buying in the options market is one of the strongest accumulation signals available. Bearish DP prints with put sweeps = distribution in progress.
| Reading | Interpretation |
|---|---|
| Above 1.4 | Extreme fear / hedging. Contrarian: often near bottoms. Look for reversal setups. |
| 1.0 – 1.4 | Cautious market. Moderate hedging in place. |
| 0.7 – 1.0 | Balanced / slight bullish lean. |
| Below 0.7 | Complacency. Call chasing. Often near short-term tops. |
The top-level verdict synthesises all inputs into a single directional stance for the options environment — not a price prediction.
| Verdict | Meaning |
|---|---|
| HIGH CONVICTION BULL | Strong alignment across regime, structure, and vol — environment strongly favours bullish options strategies. |
| MODERATE BULL | Majority of signals bullish with some caution warranted. |
| NEUTRAL | Conflicting signals. Range-bound strategies may have edge. |
| MIXED CAUTION | Enough contradictory signals to warrant reducing size or staying in defined-risk only. |
| MODERATE BEAR | Majority of signals bearish — defensive positioning warranted. |
| HIGH CONVICTION BEAR | Strong alignment across regime, structure, and vol — avoid all short premium. Long vol or hedges appropriate. |
Four key signals from your inputs are highlighted with colour-coded readings. Each has a brief note explaining its significance in the current context.
Paragraph 1 — What the combined signals say about the options environment right now.
Paragraph 2 — How the instrument's position in the Cantillon sequence affects its options dynamics specifically.
Paragraph 3 — What would change the assessment. Read this carefully before entering any trade.
Structurally Favorable — Option structures that align with the current environment. These are not trade recommendations — they are strategies that have structural edge given the inputs.
Avoid in This Setup — Structures where the current environment works against you.
Three specific conditions to monitor. If these change, re-run the analysis with updated inputs.
COILED + ACCUMULATION + Bullish Vanna/Charm + IV Percentile > 60 + Catalyst just passed → Vol crush rally likely. Favor bull call spreads or long calls. Avoid straddles (IV will drop).
FULL RISK-ON + Pinning gamma profile + Spot near Max Pain + Low DTE (0DTE / 1DTE) → Price likely magnetised to Max Pain. Iron condors and short straddles centred at Max Pain have high probability.
FULL RISK-OFF + NEGATIVE Net GEX + Spot BELOW Zero-GEX + Falling AVWAP + Steep Put Skew → Do NOT sell puts. Acceleration lower is the most probable path. If long, hedge with puts or reduce exposure.
COILED + ACCUMULATION + SD2L Active + 2/2 Stability + Low IV Percentile (< 30) → Classic mean-reversion long vol setup. Buy calls or call spreads. Premium is cheap and structure supports upside.
EXPANDED compression + FULL RISK-ON + High IV/RV (> 1.5) + Call Skew → Overextended. Covered calls and call spreads work well. Risk is a pullback — avoid adding longs at extension.
All fields except Ticker are optional. A clean analysis with 6 strong inputs beats a noisy analysis with 20 half-guessed ones. The model explicitly notes when data is missing and adjusts its confidence accordingly.
Entering your spot price automatically calculates % distance to Call Wall, Put Wall, Zero-GEX, and Max Pain. This single field makes the entire GEX structure section actionable.
If price crosses the Zero-GEX level, breaks the Put Wall, or a catalyst fires — re-run immediately with updated inputs. The gamma structure changes instantly at these levels.
The strongest setups have 5+ inputs aligned. If your Cantillon regime says FULL RISK-OFF but your IVT bias is Bullish and Vanna/Charm is Bullish — that's conflict. The analyzer will flag it as MIXED CAUTION. Respect that.
A setup that is HIGH CONVICTION BULL for a monthly expiry may be completely different for 0DTE. Always match your DTE Focus to your actual target expiry. 0DTE is dominated by Charm and Gamma intraday. Monthlies are driven by Vega and term structure.
Before deciding what to trade, read the Avoid in This Setup list. Knowing what not to do is more valuable than knowing what to do. A bad structure in a bad environment is a fast way to lose premium.
If you already have a position (e.g. "long gamma / short vega"), enter it in the Position Bias field. The analyzer will flag if your current position is at structural risk given the environment — before you add to it.