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 | $714.44 | -1.00B | Dealers short gamma | $724.41 (spot below) | $719 +0.64% · OI 4,371 | $710 -0.62% · OI 1,159 | — |
| SPY | $766.40 | -4.53B | Dealers short gamma | $772.91 (spot below) | $768 +0.21% · OI 2,326 | $762 -0.57% · OI 6,504 | — |
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.