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. Interested in learning more? Related articles What is Term Structure? What is Tail Risk? What is Gamma Flip? What is Delta Profile? What is Variance?