What it means
Understand same-day options, fast-changing time value, gamma, liquidity, and risk near expiration.
How to use it
Use this concept as one layer of context alongside price action, liquidity, company catalysts, and the broader market. No single metric should carry an entire thesis.
What it cannot tell you
Market data cannot remove uncertainty or reveal every participant intent. The goal is to understand the information and its limitations before making your own decisions.