What is Structural Dealer Positioning? Particularly in equity index options, most client’s flows (trades) result in leaving dealers with short downside put and long upside call positions. The hedging of these positions through moves in the spot price, implied volatility and time can be quantified by estimating gamma, vanna and charm and will have significant market impact. Related articles What is Tail Risk? What is Term Structure? What is Gamma Flip? What is Pivot? How can I use the SpotGamma HIRO to help me trade?