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. IWM 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 | 775.27 | -0.24% | — | — | $448M | 12 | ±0.43% |
| QQQ | 752.97 | -0.59% | — | — | $2705M | 16 | ±0.57% |
| IWM | 276.35 | -0.52% | 279.98 | -1.31% (-2.05×) | +$99M | 17 | ±0.64% |
| DIA | 510.88 | -0.04% | — | — | $26M | 14 | ±0.51% |
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 |
|---|---|---|---|---|---|---|
| MRVL | 277.08 | -2.39% | 274.66 | 300.00 | 0.36× | 9.47 |
| SMCI | 43.47 | -3.07% | 43.29 | 45.00 | 0.16× | 8.5 |
| AVGO | 367.19 | -2.45% | 361.16 | 375.00 | 1.21× | 1.3 |
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