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 | $716.51 | -0.12B | Dealers short gamma | $717.18 (spot below) | $722 +0.77% · OI 3,230 | $715 -0.21% · OI 2,148 | — |
| SPY | $763.14 | -3.63B | Dealers short gamma | $768.77 (spot below) | $768 +0.64% · OI 4,022 | $760 -0.41% · OI 3,941 | — |
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.