Dealer Gamma

Dealer Gamma is a data page on the Options desk of Glassbox Auditing. Where options dealers' hedging is assumed to sit for one ticker: the call and put walls, the zero-gamma line and their history, computed from open interest on the stated assumption that dealers hold the calls long and the puts short, with the usual claims about them tested against this record. Hedging near those levels can damp or extend price moves, for one stock or for SPY and the whole market.

Last updated: 6 Nov 2026.

What is the latest reading?

Net GEX: -13.79 $bn as of 6 Nov 2026, -12.94 $bn since Sep 2024. Source: ThetaData option chains (end-of-day reports, open interest, trades with quotes), Robinhood options market data (OPRA).

What is on this page today?

JPM: negative gamma, price 0.2% below zero gamma — spot 334.51 · call wall 350.00 · put wall 320.00 · zero gamma 335.10 (NYSE, 6 Nov 2026) JPM
PDD: negative gamma, price 0.5% below zero gamma — spot 83.00 · call wall 95.00 · put wall 75.00 · zero gamma 83.38 (Consolidated, 6 Nov 2026) PDD
43 of 56 Big Tech names are in negative gamma — 77% of the names computed, 0% the session before · VIX closed at 25.64 · assumes dealers are long the calls and short the puts investors trade (U.S. options exchanges, 6 Nov 2026)
SPY: negative gamma, dealer hedging of -$13.8B per 1% move — -38.67% of a normal day's share trading (0.00% the session before) · rank 212 of 212 tickers by size-adjusted GEX · assumes dealers are long the calls and short the puts investors trade (U.S. options exchanges, 6 Nov 2026) SPY
SPY traded 0.28% below its zero-gamma level in the 0-5 day options, with a put wall at 735 and a call wall at 740 — last saved 16:10 ET on 06 Nov, SPY 735.44 · the poll reads expiries within 5 days · assumes dealers are long the calls and short the puts investors trade (U.S. options exchanges, 6 Nov 2026) SPY
STM: negative gamma, price 1.1% below zero gamma — spot 41.70 · call wall 46.50 · put wall 47.00 · zero gamma 42.17 (Consolidated, 6 Nov 2026) STM
LIN: negative gamma, price 1.9% below zero gamma — spot 515.09 · call wall 530.00 · put wall 500.00 · zero gamma 524.96 (Consolidated, 6 Nov 2026) LIN
ON: negative gamma, price 2.0% below zero gamma — spot 63.32 · call wall 70.00 · put wall 60.00 · zero gamma 64.63 (Consolidated, 6 Nov 2026) ON
P: negative gamma, price 2.0% below zero gamma — spot 96.75 · call wall 100.00 · put wall 80.00 · zero gamma 98.77 (NYSE, 6 Nov 2026) P
TSLA: negative gamma, price 2.3% below zero gamma — spot 358.16 · call wall 400.00 · put wall 300.00 · zero gamma 366.43 (NASDAQ, 6 Nov 2026) TSLA
ZS: negative gamma, price 2.7% below zero gamma — spot 197.61 · call wall 230.00 · put wall 185.00 · zero gamma 203.03 (NASDAQ, 6 Nov 2026) ZS
PSX: negative gamma, price 2.8% below zero gamma — spot 245.69 · call wall 280.00 · put wall 220.00 · zero gamma 252.74 (Consolidated, 6 Nov 2026) PSX
ADBE: negative gamma, price 2.8% below zero gamma — spot 239.26 · call wall 260.00 · put wall 230.00 · zero gamma 246.15 (NASDAQ, 6 Nov 2026) ADBE
XEL: negative gamma, price 3.0% below zero gamma — spot 79.67 · call wall 90.00 · put wall 65.00 · zero gamma 82.10 (Consolidated, 6 Nov 2026) XEL
ANET: negative gamma, price 3.2% below zero gamma — spot 170.71 · call wall 190.00 · put wall 140.00 · zero gamma 176.39 (NYSE, 6 Nov 2026) ANET
PINS: negative gamma, price 3.6% below zero gamma — spot 18.95 · call wall 20.00 · put wall 18.00 · zero gamma 19.66 (Consolidated, 6 Nov 2026) PINS
ALL: negative gamma, price 4.3% below zero gamma — spot 254.87 · call wall 270.00 · put wall 260.00 · zero gamma 266.43 (Consolidated, 6 Nov 2026) ALL
KMX: negative gamma, price 4.4% below zero gamma — spot 51.52 · call wall 60.00 · put wall 50.00 · zero gamma 53.87 (Consolidated, 6 Nov 2026) KMX
AFRM: negative gamma, price 4.4% below zero gamma — spot 68.08 · call wall 80.00 · put wall 65.00 · zero gamma 71.20 (Consolidated, 6 Nov 2026) AFRM
UBER: negative gamma, price 4.5% below zero gamma — spot 68.59 · call wall 80.00 · put wall 65.00 · zero gamma 71.81 (Consolidated, 6 Nov 2026) UBER

Where does the data come from?

Items on this page come from NYSE; Consolidated; U.S. options exchanges; NASDAQ. Each item links to its own source. All sources, how items are checked.

What does this page lead to?

Fear Gauge (VIX) (Briefing): In the usual dealer-gamma reading, positive gamma on SPY means hedging leans against moves, so daily swings and the VIX tend to be lower, and negative gamma the reverse; this page tests that claim against its record. (moves the other way; same day; economy scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).
Live Now (Markets): Which side of the zero-gamma level SPY trades on is the usual regime line: above it the assumed hedging leans against moves, below it with them; Live Now shows where the price sits. (either way, depending on the cause; same day; economy scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).
Stock by Stock (Markets): On the page's assumption (dealers long calls, short puts), hedging near a call wall leans against a rise and hedging below a put wall leans with a fall; Stock by Stock shows what the shares did. (either way, depending on the cause; next sessions; company scale) Source: ThetaData option chains (end-of-day reports, open interest, trades with quotes).
Company Reports (Calendar): Open interest built for a company's results often expires right after the report, so its walls and zero-gamma level can shift sharply in the sessions after the date on Company Reports. (either way, depending on the cause; sessions after each report; company scale) Source: SEC EDGAR filings (10-Q/10-K text).

What feeds this page?

Fear Gauge (VIX) (Briefing): When dealers are short gamma their hedging adds to moves and the VIX tends to run higher; when they are long gamma their hedging tends to damp moves. (either way, depending on the cause; same day; economy scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).
Upcoming (Calendar): Monthly and quarterly expiries and VIX expiry are the dates when the open interest dealers hedge against expires, so the walls Dealer Gamma shows reset on them; the Market plumbing view lists the dates and the S&P 500's past moves on them. (either way, depending on the cause; the expiry day and the session after; economy scale) Source: Cboe VIX futures contract specifications (final settlement date rule).
Live Now (Markets): As SPY moves across strikes with large open interest, the hedging dealers are assumed to do changes from leaning against moves to leaning with them, depending on which side of the zero-gamma level the price sits. (either way, depending on the cause; same day; economy scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).
Market Behavior (Markets): On monthly and quarterly expiry days a strike holding a large share of the expiring contracts can draw the price toward it as hedges unwind; Dealer Gamma shows where such strikes sit. (either way, depending on the cause; expiry day; economy scale) Source: Market behavior measured by the terminal (fixed episode templates over stored trades, quotes and bars).
Company Options (Options): Open interest is what Dealer Gamma is computed from: new open contracts at a strike shift the levels where the assumed dealer hedging changes direction. (either way, depending on the cause; next session; company scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).
SPY (Options): SPY's open interest by strike is what Dealer Gamma prices; a ceiling or floor here is a strike where the assumed dealer hedging is heaviest. (either way, depending on the cause; next session; economy scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).