Why the Spiral Stops: The Gamma Flip
This story is from 2026-09-15. It is preserved in the archive; the latest stories are on the live feed.
The dealer short-gamma spiral is the series' best story: a selloff forces mechanical hedging, which deepens the selloff. Part 5 turned that loop into 3.07x; Part 8 showed the number was the median of a distribution running to -32%. One thing stayed uncomfortable: in the real world, spirals stop. Ma…
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- 2026-09-15 05:58 · DEV Community — AI
Why the Spiral Stops: The Gamma Flip
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