Alphabetical. If you’re new to options analytics, start with What is GEX? and the IV suite overviews instead — those build the mental model. Use this page as a lookup once concepts land.Documentation Index
Fetch the complete documentation index at: https://docs.backquant.com/llms.txt
Use this file to discover all available pages before exploring further.
A
Anchor expiry — A monthly or quarterly options expiration. Heavier OI than weeklies; institutional positioning concentrates here. See OPEX calendar. ATM IV — At-the-money implied volatility. The IV of options whose strike equals current spot. Used as the “headline” vol for an expiry.B
Backwardation (vol) — Term structure where front-month IV is higher than back-month IV. Common during stress. See IV suite. Breeden-Litzenberger — The technique that extracts a probability distribution from option prices. The basis of/v2/options/probability/density.
Butterfly — (25Δ put IV + 25Δ call IV) / 2 − ATM IV. Measures
the curvature of the smile / how richly priced the wings are.
C
Call resistance — The strike with the largest positive net gamma above spot. Often a reversal level — dealers sell into rallies toward this strike. See What is GEX?. Call wall — Synonym for call resistance.call_wall_2 and
call_wall_3 are the second and third strongest above spot.
Cardle (candle) — OHLCV bar. The terminal renders 30m candles by
default; the API ships them alongside GEX levels when
?include=candles is set.
Charm — ∂Delta/∂Time. Drives end-of-day and pre-OPEX delta
hedging flows. See Greeks beyond delta.
computed_at — ISO timestamp in meta showing when the underlying
cache was last written by our worker. Pair with freshness_seconds.
Confidence band — A price range containing X% of implied
probability mass for an expiry. Returned by
/v2/options/probability/density?confidence_band=0.68|0.95.
Contango (vol) — Term structure where back-month IV is higher than
front-month IV. The “normal” regime in low-vol periods.
D
DEX — Dollar delta exposure. Net delta dealers carry per strike, in USD terms. See Greeks beyond delta. DTE — Days to expiration. An integer count.E
Expected move — The 1σ implied price range for the next 24 hours, derived from ATM straddle pricing. Returned by/v2/options/expected-move or as part
of /v2/gex/levels?include=expected_move.
Expiry token — Deribit-style date encoding, e.g. 28MAR25 =
March 28 2025. Every endpoint that returns one also returns
expiry_date (ISO) when parseable.
F
freshness_seconds — now − computed_at. Useful for staleness
alarms. See Data freshness.
G
Gamma — Rate of change of delta with respect to spot. The greek that drives dealer hedging behaviour around walls. Gamma flip — The strike where cumulative net dealer gamma crosses zero, closest to spot. Above the flip, dealers stabilise; below, they amplify. Reported ashvl in the levels response.
GEX — Gamma exposure. The flagship analytic. See
What is GEX?.
H
HVL — Hedging Volume Level. Same as the gamma flip — the regime line for dealer behaviour. HYPEUSDT — Hyperliquid’s HYPE token. One of the four supported symbols (BTCUSDT, ETHUSDT, SOLUSDT, HYPEUSDT).
I
IV — Implied volatility. The volatility level the market is pricing into options. IV rank — Where current IV sits between its 52-week low and high. Not currently exposed in v2 (planned). IV-RV spread —IV − RV. Positive = options expensive vs realised
move; negative = cheap. Returned by
/v2/options/iv/iv-rv.
M
Max pain — The strike where option writers profit most at expiry. See Max pain. Moneyness —strike / spot. 0.9 = 10% OTM (for calls) /
10% ITM (for puts). Used as a strike filter on most endpoints
(?moneyness_min=0.9&moneyness_max=1.1).
N
Net GEX — Sum of call GEX and put GEX at a strike (or aggregated across the chain). Positive net = stabilising; negative = amplifying. Notional OI (USD) —total_oi × spot_price. The dollar size of
the position behind the OI count. Surfaced on every OPEX expiration.
O
0DTE — Zero days to expiration. Options expiring today. Many endpoints have a 0DTE variant of their levels (odte_hvl,
odte_call_resistance, etc.).
OI — Open interest. The number of contracts outstanding.
OPEX — Options expiration. See
OPEX calendar.
P
PCR — Put / call ratio. OI-weighted ratio of put OI to call OI. PCR > 1 = defensive; PCR < 1 = call-heavy. See/v2/options/pcr.
PDF (probability density function) — The implied probability
distribution of the underlying at a future expiry. See
Probability density.
Pin risk — The likelihood of price pinning to a strike on expiry
day. Highest when max pain and gamma walls cluster near spot.
Premium tide — Net options premium and notional volume tilt. See
/v2/options/premium-tide.
Put support — The strike with the largest positive net gamma below
spot. Often a bounce level — dealers buy on dips into this strike.
Put wall — Synonym for put support. put_wall_2 and put_wall_3
are the second and third strongest below spot.
Q
Quarterly expiry — Last Friday of March, June, September, or December. The heaviest OI bucket of the year.R
Risk reversal —25Δ call IV − 25Δ put IV. Positive = call
premium; negative (the more common case) = put premium / fear bid.
Surfaced on /v2/options/iv/skew.
RV — Realised volatility. The vol that actually happened over a
trailing window (typically 30 days).
S
Skew — The asymmetry between OTM put IV and OTM call IV. Crypto typically prices puts richer (positive skew). See IV suite. Smile — The shape of IV when plotted by strike. ATM is the trough; OTM puts and OTM calls are the wings. Source —meta.source lists the upstream venues each response
touched (["deribit", "bybit", "okx", "binance"]). Provenance.
spot_price — Current spot price for the symbol, snapshotted at
the time of computation. Returned in meta on every endpoint.
Stress history — Long-window record of HVL and walls from the
persistent store. Used for backtests.
/v2/gex/stress-history.
T
Term structure — The curve of ATM IV plotted against expiry tenor. Slope tells you the market’s vol forecast across time./v2/options/iv/term-structure.
Theta — Time decay. Premium that bleeds out of an option as time
passes. Useful as a rough estimate of dealer income from selling
premium. See Greeks beyond delta.
V
Vanna —∂Delta/∂IV. Drives “vol-rallies-the-tape” hedging
flows. See Greeks beyond delta.
Vega — Sensitivity to IV moves. Where dealer P&L is concentrated
when vol shifts.
VRP — Volatility risk premium. The persistent gap by which
implied vol exceeds realised vol. See
/v2/options/vrp.