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Options Flow · Past session

Hedging Flow

SPY · 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 WeatherMixedRunning 20m

Mixed. Hedging pressure is mixed, gamma near price is flat and leaning capping, and the flip cushion is narrowing.

AgreeHeads-upFragileStand down

Flip cushion: 4.5 pts below, SECURE | 5m: widening 0.1 pts | 15m: narrowing 0.7 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

$8.16B
Estimated hedge buying

Call-driven

$5.53B
Pressure from call activity

Put-driven

$2.63B
Pressure from put activity

Last flip

To buying
16:10
▲ Flipped to buying pressure at 16:10

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

Capping

Structure is stabilizing but building above, so rallies are being sold into.