😮 OMG (Oh My Gamma!!!) - SPX-ES GEX Snapshot
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CBOE Option Chain hot strikes shifted on ES future front contract.
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How to Read the Chart: 3 Levels of Analysis
This chart shows the dealers' positioning 'map'. Here’s how to read it in 3 simple steps.
1. Total Gamma Analysis (Regime)
The Zero Gamma level (white line) is the pivot that divides the market into two regimes. The price's position relative to this level influences dealer behavior and, consequently, volatility.
🔴 Negative Regime (Below Zero Gamma): Instability
What Happens: The market tends to be more volatile and trend-following. Sharp moves are more likely.
Why: Dealers are forced to buy into rallies and sell into dips, "adding fuel to the fire" and accelerating price movements.
🟢 Positive Regime (Above Zero Gamma): Stability
What Happens: The market tends to be more stable and mean-reverting. Volatility tends to decrease.
Why: Dealers sell into rallies and buy into dips to keep their positions neutral, acting as a "brake" on price movements.
2. Call & Put Gamma Analysis (Imbalance)
If Call Gamma (Green) dominates:
The market has a bullish bias. Large green bars act as a "ceiling" (resistance), slowing down rallies.
If Put Gamma (Red) dominates:
The market has a bearish bias. Large red bars act as a "floor" (support), slowing down drops.
If they are balanced:
The market is in equilibrium. The price tends to get "trapped" between the two main walls (sideways or range-bound market).
3. Volume Analysis (Points of Interest)
Implication: A volume spike on a specific strike (visible when hovering over the bars) indicates strong interest and an ongoing "battle". These levels become magnets: the price is often drawn to these zones and tends to react strongly upon reaching them.
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