Bedrock

Bands behind the candles = the dealer book at each strike, repriced at every 5-minute close (Black-Scholes on today's open interest and IV). Cyan = positive gamma (hedging slows price, pins). Magenta = negative gamma (hedging speeds moves). Brighter = bigger. In VEX view, amber = positive vanna, violet = negative (how hedges shift when IV moves 1 point; multi-day, not an intraday target).

King (gold) = strike with the largest |exposure| for the chosen expirations; "contested" when #2 is within 10%. Center (white dotted) = exposure-weighted middle of the book. Pin zones / fast zones = the biggest runs of positive / negative gamma strikes.

Cone = options-implied range from the prior close (1σ ≈ 68%, 2σ ≈ 95%), from front-expiry ATM IV. Path to King = dashed line from the last candle to the King, only when the King is inside 2σ. Orientation, not a forecast. Replay walks the session bar by bar with the book as it stood at each close (OI is fixed intraday, so this shows how the same book's gamma moved with price and time).