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 | $737.05 | -1.78B | Dealers short gamma | $742.00 (spot below) | $740 +0.40% · OI 1,266 | $736 -0.14% · OI 24,655 | — |
| SPY | $765.73 | -3.05B | Dealers short gamma | $769.65 (spot below) | $770 +0.56% · OI 1,868 | $765 -0.10% · OI 3,026 | — |
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.