The Gamma × Vanna matrix is a 2×2 read of where spot sits relative to two flips at once: the gamma flip (rows) and the vanna flip (columns).
| Vanna > flip | Vanna < flip | |
|---|---|---|
| Gamma > flip | grind / two-sided | up lean |
| Gamma < flip | down lean | expansion |
- Gamma decides grind vs move — above the flip the book is long-gamma (grind), below it short-gamma (move).
- Vanna tilts direction — its flip biases the path higher or lower.
Why it's session-aware
The same structure resolves differently across the trading day. During Globex a long-gamma, high-vanna read leans toward a quiet grind higher; the same read into the London–NY session can flip toward "short possible" as flows change. MoonshotFlows labels the active quadrant for the current session automatically.
It's a structural lean, not a signal — a way to frame the day, not trade it blindly.