Lokesh Gupta

The OI-to-Price Divergence: When Open Interest and Spot Disagree

The level of open interest shows where positions sit. The change in open interest shows whether a price move is being funded by new positions or is only old positions repricing. When price and that change disagree, the move deserves less trust. AION Analytics research note. Canon...

The VIX Crush: Why Your Option Loses Value Even When You Are Right

An option buyer pays for direction and for fear. At the open the uncertainty is resolved, implied volatility falls, and the fear part of the premium drains out. The option can lose value on a day when the direction was correct. AION Analytics research note. Canonical version: htt...

The Pre-Open Auction: Why 9:00 to 9:15 AM Prices Lie

Between 9:00 and 9:15 AM the screen shows prices that no one has traded at. The index figure is indicative while orders are collected, and option prices are the previous session's close until the first trade at 9:15 AM. Version 2 (October 8, 2026): the pre-open timings were corre...

Gamma Squeeze Mechanics: Why Dealers Accelerate Their Own Pain

A gamma squeeze is a feedback loop. Dealers who have sold Calls must buy the underlying as it rises, their buying lifts the price, and the higher price forces them to buy more. Nobody plans it. It comes out of the hedging rules. AION Analytics research note. Canonical version: ht...

Expiry Week Mechanics: Why Tuesday Is Not Like Friday

Nifty weekly options expire on Tuesday. The day before and the morning of expiry do not behave like the rest of the week, because time decay speeds up and the contest around Max Pain is settled in a few hours. Version 2 (October 8, 2026): the description of how the closing value...

Why Max Pain Matters (And When It Doesn't)

Max Pain is the expiry price at which option buyers, taken together, lose the most. It is a tendency produced by positioning and hedging, not a law, and it fails when an outside shock moves the underlying. AION Analytics research note. Canonical version: https://aionanalytics.in/...

The Gamma Flip: When Dealers Stop Damping and Start Amplifying

The gamma flip is the price at which the net gamma of option dealers changes sign. On one side their hedging leans against every move. On the other it adds to every move. Crossing it changes how the market behaves. AION Analytics research note. Canonical version: https://aionanal...