Hermēs DocumentationOptions Trader Track
The Hermēs flow for options traders — set the volatility environment with Vol Intelligence (IV percentile/VRP/skew/term), pick a structure with the curve and implied distribution, build legs and compute PoP in the Strategy Workshop, and manage net exposure with the Portfolio.
The Hermēs flow for options traders is: set the vol environment → pick a structure → build legs and compute odds → manage portfolio exposure. The core is translating "is vol rich, and which way does it skew" into an option structure with quantifiable odds and controlled risk.
Learning order (~35 min)
① Options & market-maker mechanics
② Volatility knowledge base
③ Options Desk loop
Daily flow (in practice)
Set the vol environment
Open the Vol Intelligence Overview: high IV Rank + thick VRP → selling vol favored; IV compressing → consider buying vol. Note the current skew and GEX/CVR percentile.
Pick a structure direction
Use the Vol Curve to see which way the smile leans and whether term is rising or inverted, and click to leg on the curve; or use the Vol Intelligence term / Vanna·Charm tabs to set second-order hedging bias.
Build legs & compute odds
In the Strategy Workshop, pick a template (iron condor/spread/straddle etc.) and build legs, checking max P/L / breakeven / theoretical PoP and the scenario matrix.
Cross-check probability
Return to Vol Intelligence → Implied Distribution for this structure's market-implied P(profit); corroborate against theoretical PoP and act only when the gap is small.
Manage portfolio exposure
Use the Portfolio to see the portfolio Δ/Γ/Θ/V across stacked structures; if imbalanced, add a hedge leg or trim — for advanced ideas see Delta-neutral hedging.
Frequently used tools
Frequently asked questions
What should an options trader look at first?
The volatility environment first — whether IV Rank is high and VRP is thick decides whether to sell or buy vol today; then skew and term decide which structure to use.
How is theoretical PoP different from market-implied P(profit)?
Theoretical PoP is estimated by the Black-Scholes model; market-implied P(profit) comes from the distribution backed out of option prices. They corroborate each other — the smaller the gap, the more trustworthy the structure.
What subscription tier does an options trader need?
Vol Intelligence, Vol Curve, Strategy Workshop and Portfolio are all Pro windows.
Futures Trader Track
The standard flow for futures traders on Hermēs — read the dealer regime (long/short Gamma) first, then pin GEX key levels, score confluence with the four-layer framework, validate signals with backtest and cross-asset correlation, and land on an ES/NQ intraday Playbook.
US Equity Trader Track
The Hermēs flow for US equity traders — sweep ETFs/single names for opportunities with Market State, lock onto contracts with new money via the UOA Scanner, validate per-strike GEX and liquidity in the Option Chain, then build a structure and trade.