Options positioning · dealer gamma rotation
Gamma Hedge Rotation Monitor
See where dealer hedging acts as a shock absorber — and where it becomes an accelerant. Flip level, expiration-cycle rotation, and positioning concentration, mapped for any ticker.
Fetching every near-term expiration and computing gamma exposure. The first load of a ticker takes a moment; subsequent loads are cached.
Positioning metrics
Net dealer gamma by strike
Dollar gamma per 1% move, summed across scanned expirations. Green = calls (stabilizing), red = puts (amplifying). Blue line = spot, gold line = flip level.
Gamma flip scenario curve
Aggregate dealer gamma if spot trades at each level. The zero crossing is the flip level — above it dealers dampen, below it they amplify.
Scanned expirations
| Expiry | DTE | Type | Strikes | Net GEX / 1% |
|---|
Positioning concentration
Share of total |gamma exposure| parked in the biggest strikes — proxy for the 35% counterparty-concentration threshold.
| Strike | Net GEX | Share |
|---|
Decision tree — OPEX week positioning
Each rule from the gamma-flip framework evaluated against the live chain. Educational research context, not a recommendation.
Calculation methodology
Dollar gamma (GEX). Per strike and expiration: gamma × contracts × 100 × spot² × 0.01, using Black-Scholes gamma with the strike's implied volatility and time to expiry. Calls add positive gamma, puts negative (dealer-long convention). Values are dollars of dealer delta per 1% underlying move.
Gamma flip level. Aggregate GEX is repriced across a ±20% spot scenario grid (81 points); the zero crossing nearest to spot is the flip level.
72-hour OPEX window. Monthly OPEX = third Friday (NYSE holiday adjusted). The window runs from the last trading day before OPEX (Thursday assessment) through the first trading day after (post-OPEX liquidity gap).
Threshold scaling. The reference framework's absolute thresholds ($4B long-gamma dampener, $5B cascade delta) are SPX-scale; for single tickers they are replaced by shares of the ticker's own 14-session average daily dollar volume, labeled inside each rule.
Dealer gamma is estimated from listed option open interest with a Black-Scholes model — educational market-structure research only, not personalized investment advice.