apps2 · gamma

dealer options exposure — where market makers must hedge hubdecoupsignalmoverslandscapegammabias loading…
Key levelsSpot vs the zero-gamma flip and the call/put walls — the prices where dealer hedging flips from damping to amplifying.
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Puts vs calls (P/C ratio) — dealer-positioning contextPuts ÷ 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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Most probable direction — gamma magnets & pullWhere dealer-gamma structure most likely DRAGS price next — a structural probability, not a forecast. The big verdict (▲ UP / ▼ DOWN / ● PINNED) is the net pull; the magnet ladder beside it shows every attractor as a bar whose LENGTH = strength (share of in-band |γ|) and whose COLOR = what it does: green = resistance / call wall (above pulls up), red = support / put wall (below pulls down), amber = the zero-γ flip / pin. The highlighted bar is the most-probable target.
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Magnet ladder — pull toward each level
Verdict calibration — banked reads vs what price then did
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Positions by strike — net dealer exposure (green = long / suppress vol, red = short / amplify)
Volatility smile / smirk — implied vol by strikeEach option's implied volatility (the market's bet on how big the move will be) 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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Position grid — strike × expiry
Positions by expiration — net exposure per expiry
Interval Map (GEX) — gamma walls by strike, through the session, with the spot pathEach 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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GEX regime over time — net dealer gamma & spot vs flipThe 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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GEX playback — scrub the session profile-by-profile (▶ to animate)