What is the option book doing right now, in plain English?
One sentence, chosen by the live reading — not a fixed caption. The combination read (top) is picked from the 3×3 grid of net-gamma sign × where spot sits versus the flip, because those two facts together mean something different from either alone. The per-metric lines underneath are picked by where each number sits in its OWN banked history, using the same percentiles the chips and rails on this page already draw.
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What the words on this page mean
Where is price versus the levels dealers have to hedge around?Spot vs the call/put walls and the cumulative zero-γ cross. The pin-vs-amplify regime itself is read from the gamma right around spot (the at-spot line below), not from the cross.
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Do the index book and the ETF book agree? — SPX vs SPY, one market, two option books
The S&P 500 has two option books written on it: the index book (SPX — cash-settled, European, large notional, where institutions put structural hedges) and the ETF book (SPY — physically settled, American, small notional, where retail and 0DTE flow lives). They are the same underlying, so their levels are comparable once scaled — and where they disagree is a statement about who is positioned where. This panel scales one to the other using the two live spots (never an assumed 10:1) and shows both books on one distance-from-spot axis.
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Are the gamma walls closing in on price, or drifting away? — flip & wall distance-from-spot across sessionsHow FAR the zero-γ flip and the call/put walls sit from spot, as a % (level ÷ spot − 1), tracked ACROSS sessions from the EOD cross-session spine (opt_daily — one row per session, all 7 symbols). Each level also gets an own-history RAIL (where today's distance sits vs its own past) and a percentile chip (p## · z). A wall drifting toward 0% is closing in on spot, so the strike where dealer hedging is heaviest now sits inside the day's normal range; a flip crossing 0% means the level where dealer hedging changes sign has moved to the other side of price. The cross-session history is RAMPING — it banks one session/day and deepens over time, so percentiles read amber (honest n) until the spine matures. Distance-from-spot is a per-symbol structural ratio, not a comparable price series, so the SPX/NAS100 price baselines and candle controls do not apply here.
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Is the crowd paying for protection or chasing upside? — puts vs calls (P/C ratio)Puts ÷ calls across the in-band chain, in three forms — each measures a DIFFERENT crowd, so they're kept separate: OI P/C = standing positioning / where the walls are (slow, sticky); VOLUME P/C = TODAY's fresh flow, a retail-frenzy gauge (fast, noisy); PREMIUM-$ P/C = where the real MONEY leans (size-weighted, closest to smart-money). P/C above the dashed 1.0 line = MORE PUTS (bearish / hedged / fear); below 1.0 = MORE CALLS (bullish / leveraged / greed). This is the standing-positioning complement to the dealer-gamma regime — not the same thing as net GEX. NB: P/C is a per-symbol positioning ratio, not a price series, so the SPX/NAS100 price baselines and candle/resolution controls do not apply here.
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Which levels is dealer hedging concentrated around right now? — gamma magnets & pullWHERE the dealer-gamma weight sits relative to spot right now — a description of the current book, not a call on direction. The big read says which side of spot carries the dominant concentration; the magnet ladder beside it shows every concentration as a bar whose LENGTH = strength (share of in-band |γ|) and whose COLOR = what dealers are doing there: green = call wall above (dealers long gamma there, hedging leans against a move into it), red = put wall below (short gamma, hedging leans with a move into it), amber = the zero-γ flip where the sign changes. The highlighted bar is the heaviest concentration.
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Magnet ladder — pull toward each level
Verdict calibration — banked reads vs what price then did
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Which strikes are dealers most exposed at? — net dealer exposure by strike (green = dealers long gamma, hedging damps moves · red = short gamma, hedging amplifies them)
Which side is the option market charging more for? — the volatility smile / smirk (implied vol by strike)Each option's implied volatility (IV — the size of move the option market is charging for) plotted against its strike price. A higher LEFT wing (downside puts) than RIGHT (upside calls) is the classic equity "smirk" — investors pay up for crash protection. The steeper the left side, the more fear is priced in.
front-expiry skew (put − call IV)—
skew & ATM-IV term structure (per expiry)…bars = skew (red = puts bid / fear · blue = calls bid / chase) · dark line = ATM IV (right %) · outlined bar = front expiry
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Where does the exposure sit across strikes and expiries? — position grid, strike × expiry
Which expiry carries the most dealer exposure? — net exposure per expiration
Where did the gamma walls sit through the session, and where did price actually go? — Interval Map (GEX)Each dot is the dealer-gamma at one strike at one moment. GREEN = positive gamma = a call wall (resistance, dealers pin price); RED = negative gamma = a put wall (support / amplifier). Bigger dot = stronger wall. The blue line is where price actually went — watch it gravitate to the big green walls and bounce off the big red ones.
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Is dealer hedging damping moves or amplifying them today? — net dealer gamma (GEX) & spot vs flip over timeThe AGGREGATE regime read (complements the per-strike Interval Map above). TOP pane: net total dealer gamma through the session — GREEN above zero = dealers net long gamma → they hedge AGAINST moves → pins / mean-reverts / vol down; RED below zero = dealers net short gamma → they hedge WITH moves → moves amplify / trend / vol up. The zero line is the regime flip in aggregate. BOTTOM pane: where price (spot) sits versus the zero-gamma flip level — shaded GREEN where spot is above flip (pin regime) and RED where spot is below flip (amplify regime); watch the gap close as price nears a regime change.
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How did the gamma profile change through the day? — GEX playback, scrub profile-by-profile (▶ to animate)
Moduleapps2/surface
Data sourcedealer exposure from real-time Massive chains (actual OI + greeks; Yahoo+Black-Scholes fallback). SPX = the INDEX book via the I:SPX chain — spot recovered from put-call parity on the chain's own quotes (index rows carry no spot), greeks solved locally where the vendor leaves them null.
Convention — ASSUMED, not measuredEvery number on this page that names a DEALER position rests on the modelling convention that dealers are long calls / short puts. That is an assumption, not an observation — no public feed shows who holds what. A client put spread can flip the true sign at an individual strike. Read these as gamma structure, not as measured positioning.
SnapshotsGEX evolution + playback read snapshots banked every 5 min during market hours
Cross-session contextflip/wall distance + P/C + skew percentiles read the opt_daily EOD spine (7 syms, one row/session) via shared/hist.php — percentiles ramp honestly (amber) as history banks (started 2026-07)