Gamma

What this surfaces

Put/call ratio (PCR) bucketed by days-to-expiration. The TERM STRUCTURE of PCR reveals where on the curve each cohort is hedging.

Bucket	Who positions here
0-1 DTE	Retail same-day flow + dealer pin/squeeze setups
2-14 DTE	Active traders / earnings positioning
15-30 DTE	Monthly hedgers, fund rebalancing
31-60 DTE	Institutional strategic hedges — slow money
61-90 DTE	Pension / portfolio insurance
90+ DTE	Long-term tail hedges

Key divergence pattern

Low PCR in 0-1 DTE (call-buy frenzy) + high PCR in 31-60 DTE (institutional puts) = smart money quietly hedging while retail celebrates. Classic top-precursor pattern.

Hero metrics

Metric	What it tells you
Overall PCR	Aggregate SPY put÷call volume. >1.2 bearish · <0.7 bullish.
0-1 DTE PCR	Same-day flow direction — retail+dealer behavior.
31-60 DTE PCR	Strategic institutional hedge gauge. Rising = real money preparing.
Term divergence	max(back) − min(front). High = smart-vs-retail conflict.

Drill-down

Per-expiry table at the bottom shows every expiration with call/put volume, OI, and PCR — sortable view of where the action concentrates.