Convexity, Options Trading, Volatility Trading, Moontower, Option Greeks.
with respect to the market. They are benign. If you are long 5,000 stock deltas you don’t suddenly find yourself long 10,000 deltas. Stock and futures can be said to be 100% delta instruments. The P/L moves 1 for 1 with the asset price. But options payoff are non-linear because your delta, your