A range day — a calm, positive-gamma session where dealer hedging mean-reverts price — produces a rotation: price oscillates between the day's bookends, pivoting around VWAP. The playbook is to trade that rotation, fading both edges instead of picking a direction.

The rotation

Define the range: the upper edge (call wall / expected-move high / range high) and the lower edge (put wall / expected-move low / range low), with VWAP and gravity as the middle. Then sell the upper edge (buy puts on a rejection) targeting the middle, and buy the lower edge (buy calls on a hold) targeting the middle. VWAP is the pivot — take profit into it, and use its reclaim/loss to gauge which half of the range price favors.

Entries and exits

Fade the reactions at the edges (a call-wall rejection, a put-wall bounce), not the levels themselves, and target the middle or the opposite edge. Scale out into VWAP/gravity. Keep each leg tight — range-day moves are small, so overstaying gives profits back to chop and theta.

A range day pays you twice — once fading the top, once buying the bottom. The pivot is VWAP; the trap is forgetting range days end.

When the rotation ends

The rotation works because the regime is calm — and range days become trend days. The instant an edge breaks and holds (price accepts a move beyond the range), or the trend-day checklist lights up, the rotation is over — stop fading and respect the break. Fading the edge that finally breaks is how a profitable range day turns red at the close. NoVo maps the edges and the regime so you know when the range is intact and when it's giving way.