Dealer gamma positioning scored 0β100. See what it means for your trades today.
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For informational purposes only. The data and visualizations on this page do not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. Always do your own research and consult a qualified financial advisor before making investment decisions.
Some days the market barely moves. Other days it swings wildly. The difference often comes down to how options dealers are positioned. Our Gamma Signal reads their positioning across every S&P 500 option strike and translates it into one simple score β so you know whether to expect calm or chaos before you place a single trade.
Ξ Γ OI Γ 100 Γ SΒ²
Calls add positive GEX, puts add negative
+ Positive Net GEX
Stabilizing β dealers dampen moves
β Negative Net GEX
Amplifying β dealers worsen moves
Net GEX is the sum of all dealer gamma obligations across every strike. Positive = stabilizing (dealers dampen moves). Negative = amplifying (dealers worsen moves).
The S&P is trading above the key level, meaning dealers are historically positioned to cushion the market. Large drops have been less common in this environment. Some traders view this as favorable for premium-selling strategies (iron condors, credit spreads). Protection (puts) tends to be cheaper in positive gamma regimes.
The S&P has fallen below the key level, and dealers are now positioned to amplify moves instead of cushioning them. Historically, this environment has been associated with larger swings in both directions. Some traders consider reviewing hedges and position sizes when gamma is negative, as volatility may be elevated.
The signal score (0β100) measures how far the S&P 500 is above or below the gamma flip point β the price level where dealer hedging flips from stabilizing to destabilizing. A score above 60 means dealers are on the bulls' side. Below 40, they're working against you. Between 40β60 is the decision zone where things could go either way. The further from 50, the stronger the signal.
