Gamma exposure, SPY and QQQ.
The dealer gamma profile on the two most traded index ETFs, rebuilt from live option chains: net gamma, the flip strike and the strikes carrying the most gamma. It is context for the session, not a signal.
Last read Fri, Oct 30, 3:30 PM ET.
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The math, in four lines.
For each contract: gamma x open interest x 100 x spot x (spot x 1%). Calls count positive and puts negative, which assumes dealers are long calls and short puts. That sign is the standard assumption, not an observed position.
Net gamma per strike is the sum of its calls and puts. The flip strike is the first strike, going up, where the running total turns from negative to positive.
The window is the nearest two expiries and 25 strikes around price. Open interest is published once a day, so readings inside a session move with price and implied volatility, not with new open interest.
What it does not tell you: where any dealer is actually positioned, or where price will go.
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