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 | $758.51 | -0.63B | Dealers short gamma | $760.38 (spot below) | $759 +0.06% · OI 1,285 | $755 -0.46% · OI 19,309 | — |
| SPY | $777.32 | +3.93B | Dealers long gamma | $774.39 (spot above) | $780 +0.34% · OI 3,085 | $775 -0.30% · OI 3,284 | $780 |
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.