Gamma Flip (Gamma 0)

The Gamma Flip — also known as Gamma 0 — is the underlying price level at which the market’s overall gamma exposure cancels out, passing from positive to negative. It is a closely watched reference for reading intraday behaviour, particularly on SPX 0DTE.

In Gaudio OTT you meet it under both names, and they refer to the same level:

on the GEX Gaudio chart it is drawn as a dashed level line labelled GAMMA 0, with its value, and listed in the legend;
in the Chart Settings popover of the GEX pages it is the Gamma Flip switch, which shades the chart background either side of the level.

Above and below the level

Above the Gamma Flip the market is typically in a Long Gamma regime.
Below the Gamma Flip it is typically in a Short Gamma regime.

That is why the level is regarded as the real divide between a market that tends to range and one that tends to make directional moves.

Reading it in practice

Price relative to Gamma Flip	Regime	Typical read
Above	Long Gamma	Tendency to range, more contained moves
Below	Short Gamma	Tendency to break out, amplified moves
Close to the level	Transition	Maximum instability

The Gamma Flip should be understood as a dynamic pivot for the day, not a static support or resistance: it updates as positions in the market evolve, so a level noted at the open may not be the level at midday.

Where to see it

GEX Gaudio — the SPX gamma profile by price level. This is the only page that draws the level as a labelled GAMMA 0 line with its value; the Gamma Flip switch in Chart Settings additionally shades the background.
GEX Open Interest and GEX Volumes — the same Gamma Flip switch on the per-strike GEX charts of the active symbol. Here it shades the background; there is no labelled level line.

For the underlying concept, read What is GEX? first.

Common mistakes

Drawing it once and leaving it. The level moves during the session; re-check it.
Trading the level itself. Price near the flip is where instability is highest, which is the opposite of a clean entry.
Expecting the same level from the Open Interest and Volumes views. They are computed on different contract populations and will not agree exactly; that disagreement is itself informative.

Frequently asked questions

What is the Gamma Flip level?

It is the underlying price level at which the market aggregate gamma exposure cancels out and changes sign, passing from positive to negative. In Gaudio OTT you meet it under both names: the GEX Gaudio chart draws it as a dashed line labelled GAMMA 0 with its value, and the Chart Settings popover of the GEX pages has a Gamma Flip switch that shades the background either side of it.

What happens above and below the Gamma Flip?

Above it the market is typically in a long-gamma regime, which tends to produce ranges and more contained moves. Below it the market is typically in a short-gamma regime, which tends to produce breakouts and amplified moves. Close to the level, instability is highest.

Is the Gamma Flip a support or a resistance level?

No. It should be read as a dynamic pivot for the session rather than a static support or resistance, because it updates as market positioning evolves during the day.

Where do I see the Gamma Flip in Gaudio OTT?

On the GEX Gaudio page it is drawn as a labelled GAMMA 0 level line with its value and appears in the chart legend. On the GEX Gaudio page and on the intraday GEX Open Interest and GEX Volumes charts you can also enable the Gamma Flip switch inside the Chart Settings popover, which shades the background either side of the level.

Why do the GEX Open Interest and GEX Volumes pages show different flip levels?

Because they are computed on different sets of contracts: one on the contracts already open, the other on the contracts traded during the session. A gap between the two indicates that today flow is building gamma somewhere other than where it is already held.

Ready to use Gaudio OTT?

Open your free account and put what you just read into practice.

Start free