Terminal guide
Every tool, and what our data says about it
How each panel of the tickstream terminal works, when it helps and when it does not. Every article carries a finding from our own tick archive and option-chain history, not a sales line.
Gamma & regime
Where dealers are positioned, and what that does to the day's range.
Gamma Levels: Call Wall, Put Wall, Flip and the Expected Move, Tested
The expected-move band held the close on 58.3% of QQQ days and 59.8% of SPY days, against the 57.5% a fairly priced straddle implies, over 1,870 QQQ and 1,869 SPY days since 2019. The call wall sat about three expected moves away, was reached on roughly one session in twenty, and when it was reached price closed through it 61.5% of the time, the same as a random level at that distance (61.0%).
Read → Volatility regimeDealer Gamma Regime: Why Negative Gamma Doubles the Next Day's Move
Negative dealer gamma preceded 2.01× the next-day move on SPY and 1.72× on QQQ, above 1.0 in all 16 symbol-years since 2019. It measures how far the market is likely to travel, not which way: the share of up days is almost identical in both regimes.
Read → Regime scoreRegime Score: A Breakout or Mean-Reversion Call, Frozen Before the Open and Graded in Public
In 1,746 archive days the morning gamma board ranked the next NQ session's range with a rank correlation of −0.40 in the fitted years and −0.45 in the holdout; lowest-gamma boards averaged 310 points of range, highest-gamma boards 188. Direction and trendiness it barely touches (−0.07). Live since 13 August: 26 graded calls, average grade 46%. That is too few calls to judge, and it is below a coin flip.
Read →Option flow
What the options market is actually trading, print by print.
Options Flow Bias: What the Score Measures, and Why It Is Not a Forecast
Rebuilt with the terminal's exact formula on 1,593 sessions of QQQ option tape, the closing score correlated +0.10 with the NQ session it describes and −0.02 with the next one. The strongest bearish sessions averaged −42 NQ points on the day and +36 the day after. It is a description of today's option flow, not a call on tomorrow.
Read → Largest printsLargest Option Prints: Where the Big Money Goes, and What It Doesn't Tell You
0DTE went from 2.3% of QQQ option premium in 2019 to 35.7% in 2026, which is why expiry sits on every row. The list's net lean matched the same session's NQ move (t = +2.5) but not the next one: up-day share 56.1% after a bullish list, 57.0% after a bearish one.
Read →Order flow & depth
The futures tape and the book: who hit, who rested, where.
Liquidity Heatmap: How Much of a Bright Wall Is Still There When Price Arrives
In five New York sessions of NQ, price reached 3,852 walls of three times the usual size or more. A median 87% of the size was still resting a second before it arrived, but 29% had lost more than half, and among the brightest walls 53% had. Price held at walls 39.3% of the time and at ordinary levels 39.5%: the heatmap shows where size is, not where price will stop.
Read → DivergenceCVD Divergence: What the Delta-vs-Price Marker Tells You, and What It Doesn't
Run with the terminal's own rule on seven years of NQ, 1,820 divergences reversed less than 5,535 delta-confirmed swings over the next 15, 30 and 60 minutes, and in both the 2019–2023 and the 2024–2026 halves at 15 and 30 minutes. It is a flag worth seeing, not a signal worth fading.
Read →Trading
Orders on the chart, at your own broker, and the record they leave.