0DTE 末日期权
Gamma Exposure
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Dealers have large Call positions at this level. When price rises toward it, they sell underlying to hedge, creating strong resistance. Good for selling Call Spreads

Dealers have large Put positions at this level. When price falls toward it, they buy underlying to hedge, creating strong support. Good for selling Put Spreads

Above this level is positive gamma (volatility suppression), below is negative gamma (volatility amplification). May accelerate on breakout

At this expiration price, option buyers lose the most and sellers profit the most. 0DTE options tend to gravitate toward Max Pain. Good for Iron Condor / Butterfly

Strike with highest trading volume, representing market focus. Breaking through this level may trigger significant hedging activity. Watch price relationship with HVL

示例： 当前价格 5962 位于 Gamma Flip (5975) 下方 13 点，且接近 Put Wall (5850)，系统推荐 Bull Put Spread 策略。

Review Scenario: Review how SPX moved after breaking the Call Wall yesterday, observe Gamma Flip position changes, understand how dealer hedging affects price. Pro members exclusive