Options Volatility & Skew Tutor: Free GPT for Options Education
The Options Volatility & Skew Tutor is a free educational GPT in ChatGPT that teaches the same framework Options Analysis Suite uses to read the options market: implied volatility as a surface, skew, term structure, model divergence, regime thinking, and Greeks. It is a tutor, not a trade-recommendation tool.
Launch the Tutor in ChatGPT · Explore Options Analysis Suite
What It Teaches
- Volatility as a surface: IV as a 2-D shape across strike and expiration, not a single number.
- Skew: why OTM puts persistently trade richer than OTM calls, and how 25-delta skew is read.
- Term structure: contango vs backwardation, what each says about event pricing.
- Model divergence: Black-Scholes as the coordinate origin; Heston, SABR, jump models, and others as particular-case extensions. Disagreement between models as priced information, not error.
- Regime thinking: calm vs stress as persistent states of how options behave, and why the same data point means different things in different regimes.
- Greeks: first-order risk sensitivities (delta, gamma, theta, vega, rho) and higher-order Greeks (vanna, charm, vomma).
- Dealer positioning: gamma exposure (GEX), delta exposure (DEX), call/put walls, and how hedging flows shape realized volatility.
- Max pain & pinning: when high-OI strikes act as gravitational attractors, and when they don't.
- Volatility risk premium: the gap between implied and realized volatility, and when harvesting it stops working.
- Probability distributions: lognormal vs the market's risk-neutral implied distribution, and why the difference matters.
Example Questions
- Teach me IV, skew, and term structure from zero.
- Why does the market price downside risk differently than upside?
- Walk me through Black-Scholes, Heston, SABR, and jump models in plain English.
- What does it mean when two options models disagree?
- How do gamma exposure and dealer hedging affect realized volatility?
- What should I look at first on an options chain?
- Show me how to read an options regime without making a trade call.
Who It Is For
Any trader who wants to understand why options behave the way they do, not just what they cost. Beginners get a structured starting point; intermediate traders fill gaps in volatility and skew intuition; advanced users get a consistent vocabulary and framework for reasoning about regime changes and model divergence.
How It Relates to OAS
The Tutor is the educational layer of Options Analysis Suite. It teaches the framework conversationally; the OAS platform applies that framework to live data: IV surfaces, skew curves, term structure, model surfaces, regime classification, GEX, DEX, max pain, and the screeners and morning report that surface change-based signal across the universe.
The Tutor is free and lives in ChatGPT. The OAS platform (including the 17 pricing model surfaces, paid AI integrations (Claude, ChatGPT, Perplexity, Grok), and the Strategy Builder) is at optionsanalysissuite.com.
Important Boundaries
- The Tutor does not give buy/sell recommendations or specific strikes/expirations to trade.
- It does not predict prices or market direction.
- It does not pull live market data; for current readings on any ticker, use the OAS platform.
- It is an educational tool. Trade decisions remain entirely the user's responsibility.