| Term | What it means |
|---|---|
| $γ (dollar gamma) | How much dealer hedging force is concentrated at each possible stock price. Big positive number = dealers will SELL into rallies / BUY dips (dampens moves, "pinning"). Big negative = dealers will BUY rallies / SELL dips (amplifies moves, "blowouts"). The shape of this curve is the entire point of this app. |
| Spot price | Current SPY price. Marked with a blue vertical line on every chart. |
| Zero line | The horizontal price level where $γ = 0. Above this line dealers help dampen; below they amplify. The price where the curve crosses zero is called the "gamma flip" — when SPY breaks across it, dealer behavior reverses. |
| Expiry / DTE | Each options contract expires on a specific date. DTE = "days to expiry." Short DTE (0-7d) options dominate dealer hedging because gamma is concentrated near expiration. Long DTE (90d+) options have weak gamma but still matter in aggregate. |
| Aggregated curve | Sum of all expiries' $γ. Shows the OVERALL dealer hedging landscape — where the market is "pinned" by dealer activity vs where it'd accelerate if it broke loose. |
| All-expiries overlay | Each expiry drawn as its own line on the same chart. Tells you WHICH expiry is driving the aggregate at any given price. If one expiry's curve dominates, that expiry is the main hedging force. |
| Per-expiry tile (small multiples) | One mini chart per expiry. Green left border = positive $γ dominates that expiry. Red = negative dominates. |
| $γ at spot | The numeric value of $γ at the CURRENT stock price. Large positive = stable / pinning regime. Large negative = unstable / accelerating regime. |
| Signals | Auto-detected confluence patterns (e.g. "negative gamma regime + spot near flip = breakout risk"). Click any signal for detail. |
📌 Why this matters for retail: knowing where dealers are forced to hedge tells you where moves will be amplified vs absorbed. Big negative $γ + SPY near it = volatility ahead. Big positive $γ + SPY in the middle = price likely "pinned" near current level.
For each SPY expiry, we compute the dealer net $gamma across a band of hypothetical spot prices (±range%). That gives a curve per expiry showing how dealer hedging force would change if spot moves there. Aggregating across expiries gives the overall hedging map.
| Metric | What it tells you |
|---|---|
| Top signal | Highest-conviction signal detected by the compute engine — usually a flip/cliff/divergence at spot. |
| Expiries split | How many expiries are positive vs negative at current spot. Both sides > 1 = consensus fracturing (reversal precursor). |
| Range tested | ± what % around spot the curves cover. Range is fixed at request time; wider = more context. |
| Conviction | Count of critical + alert signals. Higher = more confluence. |
Each per-expiry tile shows that expiry's $γ curve across the spot band. The current spot is marked with a blue line; the zero line is where dealers flip from long γ to short γ. Click any tile to drill into a full chart with stats.
Sum across all expiries. The cleanest single view of where dealer hedging force is concentrated.