Flow & Vol
GEX, dealer positioning, volatility term structure, and skew monitor
Dealer GammaLong
Dealers are long gamma above 4500, implying dampened realized volatility near current levels. Expect mean-reversion flows near key strikes.
Gamma Exposure by Strike
4600
+2.8B
4550
+1.9B
4500
+3.5B
4450
+0.8B
4400
-0.5B
4350
-2.1B
4300
-3.8B
Positive GEX (suppresses vol) Negative GEX (amplifies vol)
Volatility Term Structure
Vol Term Structure Chart
VIX18th %ile
14.2-1.3
VIX9D12th %ile
12.8-0.9
VIX9D/VIX22nd %ile
0.90-0.02
VVIX35th %ile
82.5+1.2
VIX Structure
Contango
Skew Monitor
| Metric | Current | 1Y %ile | 3Y %ile |
|---|---|---|---|
| 25D Put Skew (SPX) | 5.2 vol pts | 65th | 58th |
| 25D Call Skew (SPX) | -1.8 vol pts | 42nd | 38th |
| Put/Call Ratio | 0.82 | 45th | 40th |
| 1M-3M Vol Spread | -1.5 | 30th | 28th |
Key Levels (GEX-Derived)
4600Call WallMajor resistance — highest call OI
4500Gamma FlipBelow this level, dealer hedging amplifies moves
4400Put SupportDense put OI providing support
4300Vol TriggerBreak below likely triggers vol expansion