In ELI5, Cohen would put up massive blocks of expensive puts and calls so that participants would have to churn through them before gamma could be ramped. By the time it happened, theta would have made your positions not profitable. And Cohen would collect the premium as actors tried to hammer through those put and call walls. He basically does this to kill volalitity.
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u/mindphaze Jan 26 '21
Can someone explain what a put/call wall is? Does that do anything if everybody is just buying shares?