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Options Flow · Past session

Hedging Flow

QQQ · Wed, Nov 4, 2026. Estimated dealer hedging pressure from that session’s option trades, on price’s timeline. Positive means the hedge buys stock.

Gamma WeatherFragile rallyRunning 20mStable bid forming · 1/2

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

AgreeHeads-upFragileStand down

Flip cushion: 27 pts below, SECURE | 5m: widening 1.9 pts | 15m: narrowing 1.4 pts, accelerating

  • 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

$6.90B
Estimated hedge buying

Call-driven

$6.96B
Pressure from call activity

Put-driven

-$50.7M
Pressure from put activity

Last flip

To buying
15:55
▲ Flipped to buying pressure at 15:55

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

Firming

Structure is stabilizing and supportive, so dips are being absorbed.