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1/ Enough mystery. This is a snapshot of cross-product option open interest for uncovered options on June 26th (a relatively boring day post quarterly opex, to minimize the impact of rolling)

It is a rough gauge on how many products one need to track for aggregate flow.
2/ open-interest are normalized to equivalent index options. e.g.1 SPX option = 10 SPY options = 2 ES options.

NDX/QQQ/NQ and RUT/IWM/RTY numbers are scaled by 30x and 50x respectively, because they are way smaller in OI than SPX
3/ The chart suggests: SPX, QQQ, and IWM option positioning dominate their index. RUT, SPY, ES, NDX options must be added to be accurate. NQ and RTY options can be ignored for now.
4/ My programs track options positioning of 4000+ names every day. so knowing what's important and what can be neglected are crucial in efficiently handling the data.
5/ This is just an example of how I prioritize. there are other complexities. e.g. XSP, TQQQ positions can be large at times and affect indices; when calculating gamma/vanna, the ratio is different, because the weight becomes delta dependent.
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