Dealer positioning, in focus
Read the market through dealer positioning.
A high-level view of estimated dealer positioning.
No card to start · SPY QQQ IWM DIA TLT · 15-minute delayed
Range-holding — dealers positioned to lean against moves
The flip
The estimated level where net dealer gamma changes sign — the boundary between a structure that tends to dampen moves and one that tends to amplify them.
The walls
Strikes where estimated gamma exposure concentrates. Near expiration, research finds prices more likely to finish nearby; on other days they are reference levels, not guaranteed magnets.
The regime
Whether estimated dealer gamma is positioned to dampen volatility or feed it — the backdrop the other levels sit in.
Dealer hedging can affect how prices move. Peer-reviewed studies document option-expiration pinning and a link between market-maker hedge rebalancing and stock-return volatility.
See the method →Access
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