Options Flow as Narrative Compression

Options flow is not an oracle. It is a compact representation of hedging, expression, and liquidity demand that becomes useful only when interpreted against the wider market structure.

The important question is not whether the system is changing, but which assumptions remain useful while it does.

The research archive is intentionally text-first. External references are linked rather than stored, preserving fast reads and modest database costs while keeping every source legible to the reader.

That constraint is not an aesthetic compromise. It is a discipline: preserve the argument, the date, the relevant model, and the source path.