Let S be an oriented surface of genus g ≥ 0 with m ≥ 0 punctures and 3g −3+m ≥ 2. The Teichmüller flow Φ t acts on the moduli space Q(S) (or H(S)) of area one holomorphic quadratic (or abelian) differentials preserving a collection of so-called strata. For each component Q of a stratum, we construct a subshift of finite type (Ω, σ) and Borel suspension (X, Θ t ) which admits a finite-to-one semi-conjugacy Ξ into the Teichmüller flow on Q. This is used to show that the Φ t -invariant Lebesgue measure λ on Q is the unique measure of maximal entropy. If h is the entropy of λ then for every ǫ > 0 there is a compact set K ⊂ Q such that the entropy of any Φ t -invariant probability measure µ with µ(Q − K) = 1 does not exceed h − 1 + ǫ. Moreover, the growth rate of periodic orbits in Q − K does not exceed h − 1 + ǫ. This implies that the number of periodic orbits for Φ t in Q of period at most R is asymptotic to e hR /hR. Finally we give a unified and simplified proof of exponential mixing for the Lebesgue measure on strata.