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 | $718.00 | -0.93B | Dealers short gamma | $724.85 (spot below) | $725 +0.97% · OI 4,143 | $714 -0.56% · OI 2,635 | — |
| SPY | $769.27 | -1.34B | Dealers short gamma | $771.42 (spot below) | $770 +0.09% · OI 1,967 | $758 -1.47% · OI 16,122 | — |
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.