~/gamma
DarkGamma
dealer gamma exposure · SPX 5,600 · 450 contracts · as of 2026-08-28 · delayed sample data
Spot
5,600
SPX
Net GEX / 1%
$+5.73B
dealer $gamma per 1% move
Regime
Long γ
mean-reverting / pinned
Flip point
5,273
spot above by 5.8%
Call wall
5,700
upside magnet / resistance
Put wall
5,500
downside magnet / support
What this means today
SPX is in long-gamma territory (net GEX $+5.73B). Dealer hedging leans against moves, so intraday ranges tend to compress and price gravitates toward high-gamma strikes. Watch the call wall 5,700 as resistance and the put wall 5,500 as support. A break below the flip 5,273 would flip the regime to short gamma — the character of the tape changes there.
GEX vs spot — the flip profile
Gamma by strike (near spot)
0DTE gamma by strike — today's pin/decay map
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.