Dealer gamma exposure (DTE≤7), zero-gamma flip level and gamma-weighted call / put walls.
| Symbol | Spot | Net GEX ($B per 1%) | Regime | Zero-gamma flip | Call wall | Put wall | Pin |
|---|---|---|---|---|---|---|---|
| QQQ | $707.83 | -1.17B | Dealers short gamma | $715.28 (spot below) | $715 +1.01% · OI 1,741 | $700 -1.11% · OI 5,514 | — |
| SPY | $761.93 | -3.56B | Dealers short gamma | $769.21 (spot below) | $766 +0.53% · OI 3,096 | $760 -0.25% · OI 2,803 | — |
Positive gamma: dealers sell rallies and buy dips, damping moves. Negative gamma: dealers chase, amplifying moves.
Walls are gamma-weighted, not raw OI. 503-day test: a NEAR call wall is real resistance and breakouts through it run shorter; a FAR call wall breaks more often (a volatility tell). Put walls show no measurable support.
DTE≤7 · Walls use the front expiry · post-close snapshot
Full report: Morning report · Evening report
Research output, not investment advice.