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

MetricCurrent1Y %ile3Y %ile
25D Put Skew (SPX)5.2 vol pts65th58th
25D Call Skew (SPX)-1.8 vol pts42nd38th
Put/Call Ratio0.8245th40th
1M-3M Vol Spread-1.530th28th

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