# Theta Vantage

> Theta Vantage is a live options trading product at https://thetavantage.com and a remote MCP server at https://thetavantage.com/api/mcp (Pro tvk_ key).

## Public Documentation

- [MCP](https://thetavantage.com/public-docs/mcp): Connect Cursor or Claude to the remote MCP server with a Pro API key
- [MCP discovery](https://thetavantage.com/.well-known/mcp): Machine-readable server card (also /.well-known/mcp/server-card.json)
- [Introduction](https://thetavantage.com/public-docs/introduction): Learn why Theta (time decay) gives you the Vantage point for options income strategies
- [Intended Audience](https://thetavantage.com/public-docs/intended-audience): Who should use Theta Vantage and what you should know
- [Site Features](https://thetavantage.com/public-docs/site-features): Complete overview of all features by tier and category
- [Options Flow](https://thetavantage.com/public-docs/options-flow): Real-time detection of institutional order flow: sweeps, blocks, splits, and golden sweeps
- [Net Premium Drift](https://thetavantage.com/public-docs/net-premium-drift): Track cumulative bullish vs bearish options premium to identify institutional positioning and divergences
- [Options Profit Calculator](https://thetavantage.com/public-docs/options-value): Visual multi-leg strategy builder ([/options-value](https://thetavantage.com/options-value))
- [How to Read Each Page](https://thetavantage.com/public-docs/how-to-read-pages): Detailed guides for interpreting each page and making the most of the data
- [Key Levels Timeline](https://thetavantage.com/public-docs/key-levels): Forward-looking support and resistance levels across multiple expirations with confluence detection
- [AI Chat Bot](https://thetavantage.com/public-docs/ai-chatbot): Master the AI assistant for market analysis and insights
- [API Reference](https://thetavantage.com/public-docs/api-reference): REST API documentation for programmatic access to GEX, DEX, VEX, key levels, and more

## Options Glossary

Plain-English definitions of options trading concepts. Each term links to the live tool that shows it on any ticker.

- [Options Glossary](https://thetavantage.com/glossary): Index of all terms by category
- [Gamma Exposure (GEX)](https://thetavantage.com/glossary/gamma-exposure): The dollar amount of delta that options dealers must buy or sell for every 1% move in the underlying, aggregated across the options chain.
- [Delta Exposure (DEX)](https://thetavantage.com/glossary/delta-exposure): The aggregate directional exposure dealers carry across the options chain, expressed in dollars of underlying equivalent.
- [Vanna Exposure (VEX)](https://thetavantage.com/glossary/vanna-exposure): How much dealer delta changes when implied volatility changes — the mechanism behind volatility-driven hedging flows.
- [Charm (Delta Decay)](https://thetavantage.com/glossary/charm): The rate at which an option’s delta changes purely from the passage of time, driving hedge drift into expiration.
- [Gamma Squeeze](https://thetavantage.com/glossary/gamma-squeeze): A self-reinforcing rally in which dealer hedging of short call positions forces buying that drives price into further call strikes.
- [Pin Risk](https://thetavantage.com/glossary/pin-risk): The tendency of an underlying to gravitate toward and stall at a heavily traded strike as expiration approaches.
- [Max Pain](https://thetavantage.com/glossary/max-pain): The strike price at which the largest total dollar value of options expires worthless — the level of greatest loss to option buyers.
- [Expected Move](https://thetavantage.com/glossary/expected-move): The range an underlying is implied to trade within by a given expiration, derived from at-the-money implied volatility.
- [Implied Volatility (IV)](https://thetavantage.com/glossary/implied-volatility): The volatility figure that, put into an options pricing model, reproduces the contract’s market price — the market’s forecast of future movement.
- [IV Rank](https://thetavantage.com/glossary/iv-rank): Where current implied volatility sits between its lowest and highest readings over a trailing window, on a 0–100 scale.
- [IV Percentile](https://thetavantage.com/glossary/iv-percentile): The share of days over a trailing window on which implied volatility closed below today’s reading.
- [Volatility Skew](https://thetavantage.com/glossary/volatility-skew): The pattern of implied volatility varying across strikes at the same expiration, showing where the market pays up for protection.
- [Options Sweep](https://thetavantage.com/glossary/options-sweep): An aggressive order split across multiple exchanges to fill immediately, prioritising speed over price.
- [Golden Sweep](https://thetavantage.com/glossary/golden-sweep): An unusually large, high-premium sweep that meets aggressive directional criteria — often read as an institutional bet rather than a hedge.
- [Block Trade](https://thetavantage.com/glossary/block-trade): A single large options order, typically negotiated off the public order book to avoid moving the market.
- [Net Premium Drift](https://thetavantage.com/glossary/net-premium-drift): The running intraday total of bullish minus bearish options premium, measuring net positioning pressure rather than individual trades.
- [Theta Decay](https://thetavantage.com/glossary/theta-decay): The erosion of an option’s extrinsic value as expiration approaches — the seller’s income and the buyer’s cost.
- [Covered Call](https://thetavantage.com/glossary/covered-call): Selling a call against 100 shares you already own, collecting premium in exchange for capping upside at the strike.
- [Cash-Secured Put (CSP)](https://thetavantage.com/glossary/cash-secured-put): Selling a put while holding enough cash to buy the shares if assigned — collecting premium to wait for a lower entry. Also called a cash secured put.
- [The Wheel Strategy (Theta Wheel)](https://thetavantage.com/glossary/the-wheel-strategy): A systematic income cycle: sell cash-secured puts until assigned, then sell covered calls against the shares until they are called away.