Live gamma structure

Gamma levels, by index

Where dealer hedging changes behaviour in each book, right now. Computed from live option chains every session.

15 September 2026
SPX
Flip / node at 7630.00 · negative gamma
SPY
Flip / node at 764.00 · negative gamma
QQQ
Flip / node at 715.00 · negative gamma
IWM
Flip / node at 290.00 · negative gamma

Why these four

These are the books the product computes every session. VIX is deliberately absent: VIX options settle on VIX futures, not on the index, so dealer gamma in them hedges into futures rather than into the thing a page like this would draw as spot. A level measured against a price the hedging never touches is a real number that means nothing.

See the whole book

Strike-by-strike exposure across every expiry, and a written read every session.

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