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 | $742.87 | -0.67B | Dealers short gamma | $745.13 (spot below) | $750 +0.96% · OI 3,730 | $742 -0.12% · OI 2,389 | — |
| SPY | $777.62 | +1.37B | Dealers long gamma | $776.38 (spot above) | $780 +0.31% · OI 6,876 | $774 -0.47% · OI 4,897 | $778 |
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.