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 | $756.43 | +1.83B | Dealers long gamma | $745.18 (spot above) | $757 +0.08% · OI 1,997 | $740 -2.17% · OI 25,530 | $740 |
| SPY | $774.92 | +6.87B | Dealers long gamma | $768.47 (spot above) | $775 +0.01% · OI 4,674 | $773 -0.25% · OI 1,699 | $775 |
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.