SNF Terminal · Learning Guide

How to Read SNF Options Intelligence™

Start with the evidence, then read the structure. This guide explains what each available SNF Options Intelligence measure describes, what it does not prove, and how to turn a snapshot into a conditional plan without treating it as a signal.

01 · A simple daily workflow

Read the snapshot in this order

Each step limits what the next step can mean. A clear level from weak or stale inputs deserves less reliance than the same level from broader, current coverage.

01
Session and source time
Confirm the current exchange session, the option source session, and the source timestamp. These can be different.
02
Coverage
Read received, used, excluded, and usable percentages before interpreting any level.
03
Expected Move
Check the selected expiry, horizon, method, and whether the required call and put passed validation.
04
Node and walls
Locate the Primary Gamma Node, Call Wall, and Put Wall relative to spot. Note any confluence.
05
Expiration concentrations
Compare where estimated exposure is concentrated across maturities.
06
Partial UOA
Treat flags as a limited regular-session scan, not proof of buying, selling, or a complete chain.
07
Scenario and risk
Write a conditional interpretation, the evidence that supports it, and what would invalidate it.

02 · Indicator reference

What each reading means

Indicator	Current calculation	Useful for	Do not read it as
Expected Move	Selected at-the-money call daily close + matching put daily close for the nearest eligible expiry	A model-free straddle estimate for that expiry horizon	A guarantee, target, or probability band
Estimated GEX	Option gamma × prior-session open interest × contract multiplier × spot² × 1%; calls positive, puts negative	Estimated concentration under SNF’s sign convention	Confirmed dealer inventory or a directional forecast
Primary Gamma Node	Largest combined call and put concentration among included contracts	The strongest combined concentration in the snapshot	Automatic support, resistance, or an entry signal
Call / Put Wall	Largest qualifying call or put concentration by strike	Side-specific concentration and possible confluence	Guaranteed resistance or support
Exposure by expiration	The same included exposure grouped by expiration date	Where concentration sits across maturities	A forecast that one expiry must control price
Partial UOA	Regular-session daily volume ÷ prior-session open interest, with the displayed thresholds	Contracts that meet the current heuristic inside the returned subset	Buyer/seller intent, complete-market flow, or verified extended-session activity

03 · Reading the structure

From Expected Move to expiration concentrations

Expected Move and its horizon

SNF selects the nearest eligible expiration, finds the eligible call strike nearest spot, and requires the matching put at that strike. If two call strikes are equally close, the lower strike wins the tie. The displayed daily-bar straddle estimate is the selected call daily close plus the selected put daily close.

The horizon runs to the displayed expiration. As an expiration approaches and then leaves the eligible set, the next qualifying expiration becomes the new nearest expiry. The value can change because spot, option prices, elapsed time, or the selected expiry changes.

If an options-implied range is shown, its lower and upper bounds are spot minus and plus the displayed Expected Move. That is arithmetic around spot, not a separate probability calculation. It is not a guaranteed 68% range or a price target.

Gamma concentration and sign

SNF estimates gamma exposure from included option gamma, prior-session open interest, the contract multiplier, and spot. Calls are positive and puts are negative by model convention. Net Estimated GEX is positive call exposure minus put exposure.

Positive estimated GEX can suggest more damping around a key exposure zone under the model convention. Negative estimated GEX can suggest less damping and more reactive movement. Neither sign is a bullish or bearish forecast, and neither confirms dealer positioning.

The usable percentage is the share of received contracts that passed the current filters. It describes data coverage; it is not a statistical confidence score or a probability of the reading being correct.

Primary Gamma Node and walls

The Primary Gamma Node is the strike with the largest combined call and put concentration among included contracts. Call Wall and Put Wall are the largest qualifying concentration on each side. A node can be independent, coincide with one wall, or coincide with both walls as confluence.

Use the levels as a map of modeled concentration around spot. They can frame scenarios, but they do not create guaranteed support, resistance, attraction, rejection, or entry points.

Exposure by expiration

The expiration table groups the same included call and put concentrations by maturity. A large near-term concentration may matter over a shorter horizon, while concentration farther out belongs to a different maturity and can evolve on a different schedule.

Compare maturities instead of collapsing them into one story. Expiration totals reflect only contracts that passed the snapshot filters; exclusions and limited coverage can change the shape of the table.

04 · Partial unusual options activity

A screening flag, not an intent detector

UOA uses the displayed contract’s regular-session daily volume divided by prior-session open interest. A contract is flagged only when it reaches the displayed volume/OI and minimum-open-interest thresholds. The current scan covers the returned contract subset, so a missing flag does not establish that no unusual activity exists elsewhere in the chain.

Volume and open interest do not identify who initiated a trade, whether it opened or closed a position, or whether the activity was part of a spread or hedge. SNF therefore cannot label a flag as confirmed buying or selling. Extended-session volume is not included in the verified UOA analysis.

05 · Limits and data states

Know when to reduce reliance

Delayed and separate clocks

Exchange session tells you what the market is doing now. Source session and source time tell you what the displayed option evidence describes. Do not assume they match.

Coverage and exclusions

Received, used, excluded, and usable percentages show how much of the retrieved snapshot entered the estimate. Review warnings before reading the levels.

Cached, stale, unavailable, mixed

Cached means a saved result may be reused. Stale means its age crossed a limit. Unavailable means required evidence failed. Mixed means rows span different source updates or sessions.

Calculation-specific gates

Expected Move is withheld when its selected expiry, call, put, timing, freshness, or underlying alignment cannot be established. Other independently valid sections may remain visible.

Regular-session scope

UOA is partial and regular-session-only. Verified extended-session option analytics are not included, even when the exchange itself is in an extended session.

Currently unavailable outputs

ATM IV, the IV-based Expected Move fallback, whole-chain Options Activity Bias, and Market-Implied Probabilities are unavailable because their required timing or completeness evidence is not established.

06 · Hypothetical practice

Build conditions, then name the invalidation

The numbers below are examples for learning. They are not current market readings, recommendations, or entry signals.

Spot near node and wall confluence

Hypothetical setup: Spot is $100, the Primary Gamma Node is $101, and both walls are $101.
Conditional read: The model shows its largest combined and side-specific concentration just above spot. Watch whether price remains organized around $101 or moves cleanly away as source evidence updates.
Invalidated when: The confluence disappears, the snapshot becomes stale, or a refreshed map shifts the concentrations materially.

Spot between separate walls

Hypothetical setup: Spot is $100, Put Wall is $96, Call Wall is $105, and the Primary Gamma Node is $102.
Conditional read: Spot is bracketed by separate side concentrations, with the largest combined concentration inside that span. Treat the three levels as a structure map rather than fixed barriers.
Invalidated when: Price exits the span while fresh data shows the walls or node have moved, or coverage falls enough to make the map unreliable.

Positive versus negative estimated GEX

Hypothetical setup: One valid snapshot reads +$40M; another reads −$40M under the same sign convention.
Conditional read: Positive suggests more potential damping near key zones; negative suggests potentially less damping and more reactive movement. The signs describe modeled structure, not price direction.
Invalidated when: The sign flips on a fresh snapshot, qualifying exposure becomes near-balanced, or input coverage no longer supports comparison.

Low coverage or stale source data

Hypothetical setup: Only 38% of received contracts are usable, or the page marks the reading stale.
Conditional read: Reduce reliance. Use the snapshot only as limited context and wait for broader or newer evidence before making a stronger interpretation.
Invalidated when: A validated refresh restores current source timing and materially stronger usable coverage.

07 · Common mistakes

Avoid these shortcuts

Treating a concentration level as guaranteed support or resistance.
Reading negative estimated GEX as a bearish price forecast.
Calling a UOA flag confirmed buying, selling, opening, or closing activity.
Treating a fresh cache or retrieval time as proof that every source input is fresh.
Reading usable-contract percentage as a statistical confidence score.
Calling the straddle estimate a guaranteed 68% range.

08 · Daily checklist

Before you rely on a reading

Exchange session and source session both identified
Source timestamp checked, not just page refresh time
Coverage and exclusions reviewed
Expected Move method, expiry, and DTE confirmed
Node and walls located relative to spot
Expiration concentrations compared by maturity
UOA treated as partial and regular-session-only
Scenario, risk, and invalidation written in advance