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Market Makers, Gamma & the VIX

Who's on the other side, how dealers hedge, and why it moves markets.

Advanced · 5 video lessons · 6 minutes · 5-question video exercise · certificate

What you'll learn

• Meet the firms on the other side of your trades.
• See how dealer hedging can push prices further.
• Read positive and negative gamma markets.
• And use the VIX like a weather report.

Lessons

1. Who's on the other side of your trade? (1 min) — Market makers, wholesalers and payment for order flow — who fills your orders and how they make money.
2. How dealers hedge (1 min) — Dealers stay neutral by trading the stock as prices move — and that hedging can push prices further.
3. Positive vs. negative gamma markets (1 min) — Why some weeks are calm and others are wild. Learn gamma exposure, the gamma flip — and the limits of the data.
4. Walls, pins & OPEX (1 min) — Big open-interest strikes, pinning into expiration, OPEX week — and why 'max pain' deserves skepticism.
5. The VIX explained (2 min) — The market's fear gauge: what the number means, a quick way to convert it, and why long-VIX products often disappoint.

Exercise and certificate

The course ends with a 5-question video exercise. Submit your answers, see your score and the reasoning instantly, and pass with 80% to earn the Market Makers, Gamma & the VIX certificate.

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