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Options Flow · Past session

Hedging Flow

NDX · Thu, Nov 12, 2026. Estimated dealer hedging pressure from that session’s option trades, on price’s timeline. Positive means the hedge buys stock.

Gamma WeatherMixedRunning 20mFragile rally forming · 1/2

Mixed. Hedging pressure is buying, gamma near price is thinning and leaning supportive, and the flip cushion is narrowing. Fragile rally is forming, not yet confirmed.

AgreeHeads-upFragileStand down

Flip cushion: 101 pts below, NORMAL | 5m: narrowing 47 pts | 15m: narrowing 35 pts, contracting

  • Stable bid
  • Supported dip
  • Fragile rally
  • Unstable
  • Mixed

Pressure now

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Lean

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Stability

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Gamma trend

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Flip cushion

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Gamma Weather was designed in collaboration with Plus3 Forecasting.

Session pressure

$987.7M
Estimated hedge buying

Call-driven

$1.77B
Pressure from call activity

Put-driven

-$777.6M
Pressure from put activity

Last flip

To buying
15:45
▲ Flipped to buying pressure at 15:45

Estimated hedging pressure. Inferred from aggressor-classified option trades under the assumption that the passive side of each print was a market maker; that assumption is unvalidated. Not observed dealer flow.

Dealer gamma structure

Fragile bid

Supportive lean but thinning gamma: a bid that can gap if it breaks.