Two second-order Greeks that change a dealer's delta. Vanna is how delta moves when implied volatility changes (∂Δ/∂σ); charm is how delta moves as time passes (∂Δ/∂t). Both force dealers to re-hedge — and both can move price when gamma is quiet.

Gamma is how delta moves with price (∂Δ/∂spot) — it needs the market to move to generate a hedge. Vanna needs only a vol move; charm needs only the clock. They're the hedging flows gamma can't see, which is why a flat tape can still have heavy dealer buying.

A market that grinds higher because volatility is falling. When implied vol drops — often after a feared event resolves — dealer deltas shift and they buy the underlying to stay hedged. That buying lifts price with no price catalyst. Vol down, dealers buy, market up.

A steady, supportive bid driven purely by time. As options age into a heavy expiration, their deltas decay and dealers re-hedge — in the common setup, by buying. It produces the quiet upward grind markets often show in the calm days before a big monthly OPEX.

Because they don't need price to move. Gamma only fires when spot changes; vanna fires when vol changes, charm fires as time passes. On a flat day with vol sliding into a Friday expiration, gamma is silent while vanna and charm are actively buying.

The same one used for dealer gamma: dealers are assumed to be long call exposure and short put exposure — the mirror of a customer base that buys puts and sells calls. Under it, the net vanna/charm profiles show which way dealers must trade as vol falls or time passes. It's a standard assumption, not a measurement.

Not on their own. They tell you what dealer hedging will do if vol moves or as time passes — the direction and timing of a mechanical flow. Use them to anticipate hedging pressure, not as standalone buy/sell signals.

Because delta decay accelerates as time-to-expiry shrinks. Far from expiry, a day's passage barely moves an option's delta; in the final days, it moves a lot. So the charm hedging flow is largest right before a big OPEX — and vanishes once it expires.

They're regime heuristics, not flow models. They assume the sign convention, use listed open interest (which lags), can't see OTC or true dealer inventory, and depend on the implied vols used. Read them for the direction and concentration of vol/time flow, not as precise predictions.

ETFs on the ETF Analytics tier; any optionable single stock on ETF + Equities. The full by-strike vanna/charm data is a CSV export on the Everything tier.

It completes the dealer-positioning picture that Dealer Gamma starts — price, vol, and time flows together. And the implied-vol tools tell you when vanna fires: the Option Window shows the vol crush in real time, and Event Vol flags the events whose resolution drives it.