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. DIA 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 | 765.45 | -0.52% | 630.41 | +17.64% (27.57×) | $431M | 17 | ±0.64% |
| QQQ | 717.03 | -1.57% | 609.57 | +14.99% (14.41×) | $1424M | 28 | ±1.04% |
| IWM | 271.78 | +0.11% | — | — | $3358M | 20 | ±0.75% |
| DIA | 517.08 | +0.26% | 518.05 | -0.19% (-0.31×) | +$90M | 16 | ±0.6% |
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 |
|---|---|---|---|---|---|---|
| MU | 869.39 | -4.8% | 727.48 | 950.00 | 5.33× | 0.57 |
| AMD | 533.64 | -6.34% | 496.89 | 550.00 | 2.01× | 0.45 |
| MSFT | 534.73 | +0.18% | 479.75 | 550.00 | 9.02× | 0.28 |
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