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 | $740.30 | +1.03B | Dealers long gamma | $737.29 (spot above) | $745 +0.63% · OI 19,220 | $730 -1.39% · OI 46,520 | $730 |
| SPY | $766.10 | -1.89B | Dealers short gamma | $767.94 (spot below) | $770 +0.51% · OI 10,906 | $761 -0.67% · OI 48,629 | — |
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.