Regime, flip, walls, band.
Four numbers from dealer positioning, each with a dated session showing what a trader did with it.
Today’s regime
Net dealer gamma has a sign, and the sign decides how hedging flow behaves. Positive: dealers sell into rallies and buy dips, so counter-flow leans against price. Negative: dealers buy rallies and sell dips, so hedging flow accelerates through a move. The published measurement (Baltussen, Da, Lammers & Martens, 2021) puts intraday momentum at 6.63 when dealers are net short gamma and 0.82 (t = 1.03, statistically absent) when net long.
Positive · net +297M
Spot 765.16. Counter-flow leans against price. Walls at 760 and 766 are boundaries today.
Negative · net −148M
Spot 709.24. Hedging flow accelerates through. Walls at 708 and 715 are accelerants today.
Two indices, one morning, opposite regimes. Check this first: the same pullback meets counter-flow in SPY and hedging flow in QQQ.
Net +32M, spot 767.12, flip 766.74 — positive by 0.05%. The next session never traded above that flip: it ranged 759.48 to 764.67, closed 761.72 and touched the 765 put wall. That evening the book read −632M.
What a trader did with it: read +0.05% as no cushion. A regime held by a third of a point is one gap away from the other side, so the plan covered both.
The flip and the distance to it
The flip is the spot price where net dealer gamma crosses zero. Above it the book is positive, below it negative. The distance is signed, in percent, and is the number the indicator prints. QQQ on 2026-09-03: spot 709.24, flip 711.08, distance −0.26%. SPY the same morning: spot 765.16, flip 762.86, distance +0.30%. Both sit within a third of a percent of changing regime.
Spot 707.64, flip 715.05, distance −1.04%, regime negative, call wall 715, put wall 700. The next session ranged 705.11 to 709.80 and closed 709.24, a 0.66% day. Neither wall printed and the flip was never reached.
What a trader did with it: set alerts at 700 and 715 instead of resting orders there; in a negative book those are where flow adds to a move. The number that carried the day was −1.04%: price stayed a full percent below the flip, so the regime never changed.
Walls: boundary or accelerant
The call wall and put wall are the strikes with the largest positive and negative dealer gamma. The regime decides a wall’s role and the words on your chart change with it: positive gamma reads counter-flow leans against price; negative gamma reads hedging flow accelerates through. Each wall carries a tier, STRONG, MODERATE or WEAK: how concentrated hedging flow is at that strike within this book, not a probability of a reaction.
Positive regime. Spot 772.55, put wall 772, call wall 774, flip 771.74. A two-dollar book with spot inside it. The next session traded entirely above the call wall: low 774.11, high 779.37, close 777.88, a 0.68% day.
What a trader did with it: marked 772 and 774 before the open, then treated a session holding above 774 as the book being repriced, not as a level to fade. After a boundary gives way for a whole session, the action is to redraw from the new book.
Negative regime. Spot 294.04, put wall 293, call wall 295, flip 297.93 at −1.31%. The next session ranged 289.98 to 292.94 and closed 290.57, a 1.01% day, all of it below the put wall.
What a trader did with it: stopped treating 293 as support. That is what accelerant means as a number: the low printed 1.03% beneath the wall.
The expected-move band
The band is the day’s one-standard-deviation move, blended from the implied index (VXN for NQ, VIX for ES) and a 10-day ATR. For 2026-09-02, NQ at 29,066 carried a band of ±395.61 points, 1.36%, so 28,670.39 to 29,461.61. ES at 7,643.5 carried ±67.94 points, 0.89%, so 7,575.56 to 7,711.44.
The band is the yardstick for the walls. The QQQ 1D walls at 708 and 715 span 0.99% of spot inside a 1.36% expected day: the book’s two anchors sit closer together than an ordinary session’s range. Walls wider than the band are multi-day marks; walls narrower than it are intraday ones.
Same-day expiry
The 0DTE book is computed apart from the 1D and 7D books because same-day gamma is large and gone by the close. On the chart the same-day line is NET0: present when the book holds a same-day expiry, absent when it does not, and the indicator prints nothing rather than a stale figure. QQQ on 2026-09-03: 0DTE flip 697.82, 1.64% below spot, walls 707 and 710, three points apart.
Positive regime. Spot 7,686.35, put wall 7,685, call wall 7,690, flip 7,619.39 at +0.88%. The next session printed a low of 7,611.20, through the put wall and 8 points through the flip, then closed 7,631.47, back above the flip. A 0.68% day.
What a trader did with it: read the close, not the low. A flip crossed and reclaimed inside one session is the regime changing twice; the 5-point 0DTE walls were intraday marks and expired with the book. The 1D book carried a different flip, 7,714.37.
Onto your chart
Open the app, go to GEX Levels, press Export. Paste the code into our levels indicator on TradingView — not published yet, so this page will name it when it is. The chart then draws the flip, the walls and the band, in the same words.
What this is not
Options data is derived from Cboe’s delayed feed on every tier — it is not a real-time quote. The delay is 15 minutes. Open interest settles once a day, so a 09:00 ET book describes positioning going into the open from last night’s settled book, with delayed spot applied to it.
Levels describe where dealer hedging pressure sits, not where to buy or sell. Past performance does not guarantee future results. The examples above come from a recorder running since 2026-08-12. They show what the numbers looked like, and no more.
Where to look next
Every symbol, every bucket, refreshed every 5 minutes with the feed delay printed on it.
The code that puts these levels on a TradingView chart.
Baltussen, Da, Lammers, Martens. Journal of Financial Economics, 2021. The 6.63 and 0.82 above.