Institutions finish buying before the chart moves.
Off-exchange size builds while the lit tape is quiet. Radon scores that lead, then sizes a defined-risk way to own it.
1. Construct the view
What is the market doing that price has not shown?
Off-exchange buy pressure is building while the lit tape is quiet.
Lead window 4 sessions · score 84
2. Express the view
What is the cheapest convex way to own it?
- Name
- NVDA
- Vehicle
- Options
- Structure
- Call debit spread
- Expiry
- 17 Oct 2026
- Strikes
- 180 / 195
- Debit
- 4.20
- Max loss
- 420 / contract
- Convexity
- 3.0×
- Kelly size
- 1.8% bankroll
Size on the exchange is already spoken for.
Big orders clear off-exchange. By the time that size hits the lit tape, the position is already on. Radon reads the print stream and scores it as accumulation or distribution before the chart moves.
A score that misses its threshold is thrown out, even if the chart looks clean. The lead is a measured window per ticker, not a hunch.
Off-exchange and OTC prints, sweeps, and options flow from Unusual Whales, reconciled against Interactive Brokers realtime tape.
Volume is venue-weighted and turned into a rolling z-score. Direction comes from print side and size clustering.
A flow score that prints before the lit move, with the lead window measured per ticker and shown in the scanner.
Unusual Whales prints to Interactive Brokers orders, start to finish, is in the integration dossier.
| Ticker | Read | Lead | Flow score |
|---|---|---|---|
| NVDA | Accumulation | 4d | |
| WULF | Accumulation | 6d | |
| SMCI | Accumulation | 3d | |
| SPY | Neutral | · | |
| TSLA | Distribution | 5d |
One number will not cover the tape.
Four models, each watching a different pressure. If they agree, trust the read more. If they disagree, that split is the useful part.
Crash Risk Index
Method. Four components, each scored 0 to 25: VIX level and rate of change, VVIX and its ratio to VIX, COR1M implied correlation, and SPX distance from its 100-day average. Weights and thresholds are published. That is the regime that forces systematic selling.
Gamma Exposure
Method. Sum dealer gamma by strike. Positive gamma pins. Negative gamma amplifies. Walls are resistance. Magnets pull price.
Volatility-Credit Gap
Method. The spread between equity-implied vol and credit stress. Credit leading and the gap widening is panic the options market has not priced.
Gamma Rotation Gap
Method. Where dealer gamma is moving across sectors and tenors. Rotation shows where positioning is headed before the flow follows.
How the Crash Risk Index is scored from VIX, VVIX, implied correlation, and SPX trend, and how the bands are read, has its own note.
The same view can be a spread, a stock, or a future.
Once the view is named, pick the cheapest way to own it. Defined-risk options first. Stock or futures if they are cleaner. Seven steps, in order.
The procedure is published in full, thresholds included, in the working method, and the sizing milestone's math in the fractional Kelly sizing policy.
Detect
Flow score crosses the accumulation or distribution line with a lead. Source and confidence go in the log.
gate · edgeCorroborate
Check the four regime models. A signal against the regime gets downgraded. Agreement adds conviction.
regime · CRI / GEX / VCG-R / GRGLocate
Map dealer gamma to find walls and magnets. These define realistic targets and the strikes where structure resists or accelerates price.
levels · walls / magnetsStructure
Pick a defined-risk structure that pays more than it can lose. Combos over single-leg bets.
convexity · gain ≥ 2× lossSize
Fractional Kelly vs bankroll, hard-capped. Conviction moves size inside the cap, never past it.
risk · ≤ 2.5% bankrollVerify
Pre-trade check: max loss, margin, naked-short exposure. It cannot be skipped.
chokepoint · pre-trade riskRoute
Only a structure that cleared every step becomes an Interactive Brokers BAG combo. The journal keeps the chain.
execute · IB BAG comboEach edge has a name and a structure.
Each row lists the edge, how it pays, the structure, and the convexity target.
| Strategy | Edge source | Mechanism | Structure | Convexity | Risk |
|---|---|---|---|---|---|
| Dark Leadflow | Off-exchange accumulation | Build a long call structure into a confirmed dark-pool lead before the lit move. | Call debit spread | ≥ 3.0× | Defined |
| Gamma Pinpositioning | Dealer gamma walls | Sell convexity into a positive-gamma wall where dealers dampen movement toward expiry. | Iron condor | ≥ 2.2× | Defined |
| Panic Gapvol / credit | Widening VCG-R | Buy tail convexity when credit-implied stress leads equity vol and the gap is widening. | Put backspread | ≥ 4.0× | Defined |
| Rotation Frontflow | GRG sector migration | Position ahead of gamma rotating into a sector before the following flow arrives. | Call calendar | ≥ 2.5× | Defined |
| Crash Hedgetail | Elevated CRI | Layer cheap tail protection when the Crash Risk Index enters the elevated band. | Put debit spread | ≥ 5.0× | Defined |
| LEAP Mispricingvol surface | IV term mispricing | Buy long-dated convexity where the surface underprices realized term vol versus the model. | Long LEAP call | ≥ 2.0× | Defined |
A good view still dies at a bad structure.
Gates sit after the view and the vehicle. Fail one and the order stops. Conviction does not get a veto. Every structure that gets through is in the defined-risk structure catalog.
Convexity
The payoff must be asymmetric. Defined-risk structures only, with capped loss known at submit.
gain ≥ 2 × lossEdge
A specific, data-backed dark-pool or OTC signal that has not yet moved the lit price.
signal precedes priceRisk
Fractional Kelly, hard cap. No position above 2.5% of bankroll.
≤ 2.5% bankrollNaked Shorts
Used to block undefined-risk shorts. Off by policy. The code is still there.
no naked shortsThe journal is the book.
Every routed contract keeps the chain: flow score, regime read, structure, and result. Portfolio and orders both read from that journal.
P&L stays on the same row that placed the trade, lot-matched to basis.
Source IB journalBasis lot-matchedR multiple of risked
Before you open the demo.
Broker, data feed, and how this differs from a levels dashboard.
What is Radon?
Radon constructs a view from scanners, news, dark-pool flow, and regime models, then expresses it as defined-risk options, stock, or futures. Four gates still sit on the order path. Try it at demo.radon.run.
How does Radon read dark-pool flow?
Radon takes off-exchange and OTC prints from Unusual Whales and lines them up with the Interactive Brokers tape. Volume is venue-weighted into a rolling z-score. Direction comes from print side and size clustering. You get a flow score and a lead window per ticker.
Does Radon work with Interactive Brokers?
Yes. Interactive Brokers is the live tape and the place orders go. A structure that clears the pre-trade check becomes an IB combo. Fills land in the journal with lot-matched P&L. Live trading needs a funded IB account. Radon is not a broker.
Do I need an Unusual Whales subscription?
For live use, yes. Unusual Whales supplies the dark-pool prints and options flow the scores use, next to the Interactive Brokers tape. The demo at demo.radon.run needs neither subscription.
How is Radon different from SpotGamma or MenthorQ?
SpotGamma and MenthorQ publish dealer-positioning levels. Radon takes MenthorQ levels as one input. It also picks the structure, sizes it with fractional Kelly hard-capped at 2.5% of bankroll, runs four gates, and journals the chain from signal to order.
What is GEX and how does Radon use it?
GEX is dealer gamma by strike. Positive gamma pins. Negative gamma amplifies. Radon turns that into walls and magnets: levels that hold or pull price, and the strikes you actually trade against.
Can I use Radon with Robinhood?
No. Robinhood is not wired in, and Radon does not send orders there. You can still open the demo at demo.radon.run. Live use needs Interactive Brokers. Radon is not a broker.
Is there a free demo?
Yes. demo.radon.run is a full instance with seeded data and no brokerage hookup. You get scanners, news, regime models, structures, sizing, gates, and the journal. No cost.
The long versions live here.
Six notes: Interactive Brokers rails, the structure catalog, the sizing policy, the data wiring, the working method, and the crash model. Each has its own scope and links back here.
Interactive Brokers dark pool terminal: construct the view from Unusual Whales prints, then express it as defined-risk IB combo orders. Free demo.
Structure CatalogThe full catalog: 58 options structures with legs, bias, max gain, max loss, and a defined or undefined risk verdict for each. 37 clear Radon's convexity gate.
Fractional Kelly position sizingFractional Kelly sizing for options: signal odds from max gain over max loss, quarter-Kelly, then a hard 2.5% bankroll cap. Free demo.
Unusual Whales + Interactive BrokersHow Unusual Whales flow becomes an Interactive Brokers expression: construct the view from dark-pool prints, then size a defined-risk combo. Free demo.
Convex options from dark pool flowThe seven-milestone method that turns a dark pool print into a convex, defined-risk options trade, with the thresholds and the stop rules stated.
Crash Risk IndexCRI is Radon's Crash Risk Index: VIX, VVIX, COR1M implied correlation, and SPX trend, each scored 0 to 25 and summed into a published 0 to 100 crash regime read.
Open the demo. Run a name.
If you already form a view, this keeps the scanners and the order path on one desk. Gates stay. They are not the whole product.
