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 | $742.99 | +2.19B | Dealers long gamma | — | $750 +0.94% · OI 1,026 | $722 -2.83% · OI 702 | $740 |
| SPY | $773.83 | +5.93B | Dealers long gamma | $758.41 (spot above) | $775 +0.15% · OI 2,195 | $772 -0.24% · OI 458 | $772 |
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.