Hey, everyone, this is Kirk here again at Option Alpha.

So today on the podcast, we've got an awesome guest, a friend of mine, Matt Cashman,

who is coming on to talk all things, gamma and gamma exposure. We really got into it

with understanding not only just what gamma is at the very basic level, but why traders should

care, what should we think about, you know, gamma exposure levels, particularly for zero DT

traders. But I think what Matt does really good, a good job of doing is just

adding a lot of context to how people should think about gamma and gamma exposure and what's

going on or potentially going on in the market with different market participants. Since he's

a 20-year industry veteran, former marketmaker, he's got a wealth of information and knowledge

that he kind of leans on throughout this interview and this conversation. So if you haven't heard Matt talk before, he does a really good job, kind of breaking things down and adding context to it. Always a fun conversation to have him on the show. If you're listening to this audio version of the podcast, you want to go on over and just actually probably check out the YouTube version of the podcast that we have today because there's a lot of charts, a lot of graphs.

We were able to get a really cool market environment at the date that we were recording it, which was September 5th, 2025.

This was just after the market open.

And so we had the jobs numbers that came out.

Initially, the market was up really big, then started to actually backpedal.

And so we actually could see the market playing around with some of these gamma exposure levels as we were recording live. So it was really cool. So I hope you guys enjoy this one, but let's get into the interview with Matt Cashman. Matt, what's going on, man? Good. It's good to be here. It's good to be here. We already had about 20 minutes of banter and we're just like, all right, we got to get into this.

We used to call it on the Bloomberg chat in London, we used to call it Bance, B-A-N-T-Z.

He's got, it's like someone has good bans. That means you can talk to him forever.

We could. We talk about skiing. We talk about markets. Talk about everything.

Kirk has good bans.

Yeah, well, you have good things to talk about. So, hey, listen, I appreciate you being here.

So we want to talk kind of all things gamma today, gamma exposure. So I said at the beginning, but I'll just, I'll start this way too, so everyone knows who's watching this or listening to this.

I want to try to take this from the angle of starting at the beginning, trying to understand what is gamma, what does it mean for a trader?

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