How far each major index sits from its zero-gamma flip — the level where dealer hedging stops damping moves and starts amplifying them. Live for the current session.
3 of 4 majors hold positive gamma with room to the flip. QQQ sits just below its own — not enough to shift the regime, but it's the one to watch.
| Index | Spot | Chg | Flip | Cushion | Net GEX | IV | Exp move |
|---|---|---|---|---|---|---|---|
| SPY | 759.71 | -0.37% | 753.46 | +0.82% (1.96×) | +$7586M | 11 | ±0.42% |
| QQQ | 717.93 | +0.15% | 719.79 | -0.26% (-0.45×) | +$1521M | 16 | ±0.58% |
| IWM | 283.03 | -0.87% | — | — | $4602M | 16 | ±0.58% |
| DIA | 514.96 | -0.66% | — | — | $266M | 19 | ±0.72% |
Cushion = distance from spot to the zero-gamma flip, and in brackets that distance measured in the index's own expected move for the day. Under 1× means the flip is inside a single normal session. Negative means price is already through it. What is dealer gamma? →
Spot sits above the zero-gamma flip with distance still to the call wall. R:R is room up to the wall divided by room down to the flip.
| Ticker | Spot | Chg | Flip | Wall | ×EM | R:R |
|---|---|---|---|---|---|---|
| ARM | 266.53 | +0.63% | 265.05 | 270.00 | 0.21× | 2.34 |
| AMZN | 252.39 | +0.46% | 250.95 | 255.00 | 0.48× | 1.81 |
| SMCI | 39.16 | -3.06% | 38.58 | 40.00 | 0.54× | 1.45 |
The gamma map is free and needs no signup — net dealer gamma by strike, the flip, call and put walls for any US ticker.
Open the free gamma map → Live regime tracker