mp isn't greek - it's strike x sp x OI x $ intrinsic etc (anyone can spreadsheet it); i don't see value in it but there is a tendency for sp to move closer to mp when expiration approaches (whether via manipulation or not) but by then, it's already too lateYoona,
I continue to struggle with trying to reconcile Vanna (MM favoring $190-$200) and MP ($180); I know you don't think much of MP and the value it brings.
for sure, large institutions that have market resources or influence can drive sp to mp on 0dte, but it's been a hit or miss, so i don't trust it (when was the last time one saw a consistent bullseye?)
besides, market is not static so mp will always change; therefore, i can't reliably use that as supp/res
mp's weakness is that it relies on OI which is published only once a day, while the greeks don't rely on OI so it can tell us (in realtime) the theoretical exposure of MM on their books - contracts x spot x IV x bid/ask x etc; it's a lot of noise BUT VANNA GIVES AN APPROXIMATE RANGE (if market is not volatile) and that's all i need to succeed
remember IC? it needs a safe range
because it can't tell direction, it's not for directional bets (gamma may be better)
but the range is not accurate every time... since vanna detects change in volatility, it is strongest on the last 2 weeks of OpEx (wild "vixpiration") and not as useful on "market is calm or sideways" weeks
long story short, i don't know anything! greeks/mp are just additional TA tools, we still need confluences to gain an edge