The OPEX Effect
A 3% Drop from VIX 40 | What the Options Market Tells Us About What Comes Next
The latest episode of the OPEX Effect breaks down the growing tension beneath the surface of today’s markets, where volatility signals, options positioning, and macro risks like war and inflation are ...
This Only Happens in Markets Down 30% | Brent Kochuba on the Rotation You're Missing
In this episode of The Opex Effect, Jack and Brent break down the growing impact of options markets on stocks, volatility, and sector rotation. While the major indexes appear calm, massive moves benea...
The Volatility Shift No One Sees | What the Options Market Says About What Comes Next
In this episode, Jack Forehand is joined by Brent Kochuba from SpotGamma to break down how options market flows are increasingly shaping equity market behavior. The conversation focuses on January opt...
7000 Magnet. 6800 Trap Door | What the Options Market Tells Us About What Comes Next
In this episode of The Opex Effect, Jack Forehand and Brent Kochuba break down what could be the largest options expiration ever and explain why December options flows, seasonality, and volatility dyn...
The Two-Tailed Risk Trap | What the Options Market Tells Us About What Comes Next
In this month’s OPEX Effect, Brent Kochuba and Jack Forehand break down the forces driving markets into November expiration. They cover the surge in volatility, Nvidia’s critical earnings event, the c...
Fragile Rally. Big Vol Spike. Credit Risks Rising | What the Options Market Says About What's Next
In this episode, Brent Kochuba of SpotGamma joins Jack Forehand to break down the October options expiration and the surge in volatility that hit markets. They discuss record-breaking options volumes,...
Vol Is Crushed. Risk Isn’t | What the Largest OPEX In History Tells Us About What Comes Next
Our Primer on Dealer Flows https://youtu.be/ZgIrwrG7uKM In this month’s OPEX Effect, Brent and Jack break down the upcoming September options expiration and its potential impact on the market. With vo...
Low Volatility Is Lying to You | What the Options Market Says About What Comes Next
In this episode of The OPEX Effect, Jack and Brent dive deep into the current market dynamics, exploring the "Honey Badger" and "Zombie" market phenomena. With options volumes hitting record highs and...
All-Time Highs. Record Complacency | What the Options Market Tells Us About What Comes Next
Full video primer on options dealer flows we referenced in the video: https://youtu.be/ZgIrwrG7uKM In this episode, Brent Kochuba of SpotGamma joins Jack Forehand to break down the July options expira...
The Rally No One Trusts | What the Options Market Tells Us About What Comes Next
In the latest episode of the OPEX Effect, Jack Forehand and Brent Kochuba dive deep into the dynamics shaping the current market regime, with a particular focus on the upcoming June OPEX, dealer posit...
The Fragile Rally | What the Options Market Tells Us About What Comes Next
In this episode of Excess Returns, Jack Forehand and Brent Kochuba from SpotGamma break down the forces at play beneath the surface of the market as we head into the May 2025 options expiration (OPEX)...
An Unprecedented Lack of Liquidity | What the Options Market Tells Us About What Comes Next
In this episode of The OPEX Effect, Jack and Brent dive deep into the market turmoil following "Liberation Day" and the implementation of new tariffs. With volatility spiking to levels not seen since ...