The "options as steering wheel" insight is what most fundamental investors miss until it's too late. But here's the question: when does heavy call flow become a contra-indicator instead of fuel?

If everyone knows the dealer hedging loop, and everyone's watching the options chain, doesn't that information get arbitraged away? Or does the reflexivity loop still work even when it's transparent?

Curious where you'd draw the line between "mechanics are working" vs "mechanics are exhausted."