The mark on each bar is 1× expected move. Left of it, the flip is inside a single normal session — the regime can change today without anything dramatic happening. A red bar means spot is already below the flip.
The same math applied to individual names: each one bracketed between the level it breaks at (the zero-gamma flip, below) and the level it gets pulled to (the call wall, above). R:R is upside-to-wall divided by downside-to-flip.
| Ticker | Ext hrs | R:R |
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The cushion, the day's expected moves and what's in the zone — free, before the bell.
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Options dealers hedge the contracts they sell. Above a market's zero-gamma flip they're net long gamma, which means staying hedged forces them to sell strength and buy weakness — they absorb moves, and the tape mean-reverts. Below it they're short gamma, and the same hedging forces them to do the opposite: sell weakness and buy strength. Moves get amplified instead. Same chart, opposite behaviour. Full explainer: what is GEX →
"SPY is 3 points from the flip" is meaningless without knowing whether SPY typically moves 1 point or 10 in a day. Dividing the distance by the options-implied expected move gives you a number you can compare across indices and across time. Under 1×, the flip is reachable in a single normal session.
Because the flip moves too. As positioning rolls, the level can rise faster than price does — which is how a market can rally and become more fragile at the same time. That's the single most useful thing this page shows you, and it's invisible on a price chart.
No. It's a description of how the market is likely to behave — trending and extending versus fading and pinning. It tells you which playbook applies, not which direction to take. Combine it with the per-ticker gamma map and the flow.
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