Dealer gamma exposure · flip level · walls · not trade advice
Market makers ("dealers") sell you options, then hedge by buying and selling the index itself. GEX estimates which way their hedging pushes the market. Everything on this page assumes the standard convention: dealers are long calls, short puts.
Positive γ — dealers sell rallies and buy dips: expect range-bound, mean-reverting days; breakouts often fail. Negative γ — dealers buy rallies and sell dips: moves get amplified, trends and gap follow-throughs are more likely. Better for option buyers, worse for premium sellers.
How strong the effect is (₹Cr of hedge flow per 1% move). Large negative = violently trendy conditions; near zero = the regime tells you nothing today.
The spot level where the regime changes sign. Above it: sticky. Below it: slippery. Spot sitting near the flip is unstable — expect whipsaw until it picks a side. Mark it on your chart.
The options market's estimate of a normal range to expiry (~68% odds spot stays inside). Use it to sanity-check targets and pick strikes.
Strikes with the heaviest dealer gamma above / below spot. They behave like resistance / support because hedge flows intensify there. A break that holds beyond a wall matters; drifting between walls is noise.
Green bars = stabilizing gamma at that strike · red = destabilizing · purple line = where total gamma mass sits · solid line = spot · dashed = flip. "greeks: N exchange · M BS" shows data quality — mostly exchange = trust it; mostly BS (pre-open) = approximate.
Assumes dealers long calls / short puts. Context, not trade advice.
| Side | Strike | OI now | Δ vs prev | vs peak | Verdict | Writer read | Rolled to |
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