Options data reveals market expectations that price charts cannot show. Key metrics: (1) Put/Call Ratio — above 1.0 indicates bearish sentiment (more puts bought); below 0.7 indicates bullish sentiment. Extreme readings (>1.3 or <0.5) often signal contrarian opportunities. (2) Implied Volatility (IV) — the market's expectation of future price movement. High IV = expensive options, often before earnings or events. IV Rank (current IV vs. 52-week range) helps determine if options are cheap or expensive. (3) VIX term structure — normal (upward-sloping) means calm; inverted (short-term > long-term) means panic. (4) Max Pain — the strike price where most options expire worthless; prices often gravitate toward max pain near expiration. (5) Open Interest at specific strikes — large clusters act as support/resistance. (6) Unusual options activity (large volume vs. open interest) can signal informed money positioning ahead of news.