The Levels Dealers Defend
For SPY Options Traders
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Call Wall and Put Wall for SPY delivered to your inbox every Monday before the open. The structural levels dealers are forced to defend that week.
Your first snapshot arrives next Monday morning before the open.
Want the full dashboard? See plans →What is Gamma Exposure?
Gamma Exposure (GEX) measures how much options dealers must buy or sell the underlying asset to stay delta-neutral. When dealers hold large call positions, they buy on dips and sell on rallies — creating a "gravity" that pins price near the Call Wall. This is Long Gamma (positive GEX), and it produces range-bound, low-volatility conditions.
When dealers hold net put positions, they must sell into declines and buy into rallies — amplifying every move. This is Short Gamma (negative GEX), the regime associated with trend days, breakouts, and volatility spikes.
The Zero Gamma level (also called the Gamma Flip) is the strike where dealer positioning shifts from stabilizing to amplifying. It acts as a powerful technical level — price below it tends to see accelerated moves, price above it tends to revert.
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