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 | $689.00 | -1.98B | Dealers short gamma | — | $690 +0.15% · OI 2,429 | $670 -2.76% · OI 11,268 | — |
| SPY | $766.62 | +1.60B | Dealers long gamma | $763.38 (spot above) | $770 +0.44% · OI 4,653 | $765 -0.21% · OI 2,962 | $765 |
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.