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~/gamma

DarkGamma

dealer gamma exposure · QQQ 490 · 200 contracts · as of 2026-08-28 · delayed sample data

See what the market's plumbing is about to force. GEX estimates how much dealers must hedge as price moves. Positive net GEX (long gamma) means they buy dips and sell rips — moves get dampened, strikes act like magnets. Negative (short gamma) means they hedge with the move — air pockets and trends. Method is open below.

Spot

490

QQQ

Net GEX / 1%

$+166M

dealer $gamma per 1% move

Regime

Long γ

mean-reverting / pinned

Flip point

489

spot above by 0.3%

Call wall

500

upside magnet / resistance

Put wall

480

downside magnet / support

What this means today

SPX is in long-gamma territory (net GEX $+166M). Dealer hedging leans against moves, so intraday ranges tend to compress and price gravitates toward high-gamma strikes. Watch the call wall 500 as resistance and the put wall 480 as support. A break below the flip 489 would flip the regime to short gamma — the character of the tape changes there.

GEX vs spot — the flip profile

flip 489spot 490456524
Net dealer GEX across hypothetical spot levels. Above the flip = long gamma (dips bought, moves dampened); below = short gamma (moves amplified).

Gamma by strike (near spot)

455
460
465
470
475
480▼
485
490
495
500▲
505
510
515
520
525
◄ put gammacall gamma ►

0DTE gamma by strike — today's pin/decay map

455
460
465
470
475
480▼
485
490
495
500▲
505
510
515
520
525
◄ put gammacall gamma ►

Methodology

Dealer-positioning convention (SqueezeMetrics-style): dealers are assumed long calls, short puts. Per contract, GEX = Γ × OI × 100 × S² × 0.01 (dollar gamma per 1% move); calls count positive, puts negative. The flip point is found by recomputing Black-Scholes gamma across a grid of hypothetical spot levels and locating where aggregate net GEX crosses zero. Walls are the near-spot strikes carrying the most call / put gamma. This is a positioning convention, not ground truth — real dealer books are not observable. Source: pipelines/gex_pipeline.py.