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RegimeAug 1, 2026· 1 min read

From map to bias: turning the flips into long or short

Gamma sets the range, vanna sets the drift, and IV/RV decides if the drift is loaded. Here is how the three combine into one read.

From map to bias: turning the flips into long or short

The flips and the vol ratio are not separate reads. They stack into one bias. Here is the logic the dashboard uses.

Three inputs

  • Gamma flip is the regime. Above it: long gamma, walls hold, moves fade. Below it: short gamma, walls run, moves continue.
  • Vanna flip is the vol gate. Above it: implied up sells, implied down buys. Below it: the sign inverts.
  • IV/RV is whether the gate is loaded. Normal (0.8 to 1.5) means no push. Rich or cheap means the vanna direction is armed.

How they combine

Gamma tells you how a move behaves. Vanna and IV/RV tell you which way the lean is:

  • Rich premium (implied falling): above the vanna flip, long. Below it, short.
  • Cheap premium (implied rising): above the vanna flip, short. Below it, long.
  • Normal premium: no vol push. Lean on the gamma structure. Fade the edges in long gamma, follow the break in short gamma.

Conviction from gamma

Short gamma amplifies the lean because moves run. Long gamma caps it because moves fade. So the strongest directional reads are a loaded vol extreme sitting in short gamma. The calmest are a normal ratio in long gamma, where you simply trade the walls.

The read

Regime from gamma. Direction from vanna and IV/RV. Conviction from gamma again. The Bias tile does this for you, but the point is to understand why it says what it says.