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 | $717.50 | +0.56B | Dealers long gamma | $713.74 (spot above) | $720 +0.35% · OI 3,484 | $710 -1.05% · OI 7,443 | $717 |
| SPY | $769.45 | -0.88B | Dealers short gamma | $771.66 (spot below) | $770 +0.07% · OI 6,179 | $768 -0.19% · OI 2,246 | — |
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.