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 | $716.49 | -0.02B | Dealers short gamma | $718.01 (spot below) | $720 +0.49% · OI 1,429 | $715 -0.21% · OI 1,757 | — |
| SPY | $767.86 | +0.20B | Dealers long gamma | $766.13 (spot above) | $770 +0.28% · OI 2,549 | $767 -0.11% · OI 1,163 | $770 |
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.