Strategy · Options / GEX
Dealer gamma, often called GEX, is how the big options market makers are positioned, and it pushes price toward or away from certain levels. It often decides whether a price level holds or gives way. This page shows that positioning live, stock by stock, and warns you as price gets close to a wall. Our own testing found that selling options, not buying them, was the only side worth taking. The ranked list of trades that acts on that finding is still being built.
Powers the Dealer’s Hand strategyEach card shows one stock or fund and the total dealer gamma behind it, in dollars. The plus or minus sign tells you almost everything. Positive means the dealers trade against each move, so prices tend to stay inside a range. Negative means they trade with each move, so prices tend to break through levels. The big index funds come first, then the names with the largest positioning.
Scope: our study measured QQQ only. The live reading is real for every name shown, but the hit rates further down this page were measured on QQQ and on nothing else.
The call wall is the price level above the market with the most dealer positioning, and the put wall is the same thing below the market. Think of them as a ceiling and a floor. This warning is the signal the strategy waits for. As price moves toward either wall, the warning steps up. The moment dealer gamma turns negative it switches itself off, because that is exactly when walls stop holding.
0DTE means options that expire today. A credit spread is a pair of options you sell together so that you collect money up front and your worst-case loss is fixed in advance. When price reaches a wall while dealer gamma is positive, the Desk ranks the credit spreads you could sell against that wall: the option you sell sits at or just past the wall, a second option is bought as protection, and each is priced at the midpoint of the live buy and sell quotes.
A wall only matters if price actually reaches it. Measured on QQQ, here is how often each wall was touched during the day, and when in the trading day it happened.
| Wall | Touched, all days | Touched, negative gamma days | Share of touches in the first 30 minutes |
|---|---|---|---|
| Call wall | 52% | 60% | 73% |
| Put wall | 32% | 53% | 52% |
| Both walls held and price stayed trapped between them on 30.6% of positive-gamma days, compared with 23.1% of negative-gamma days. | |||
Dealer’s Hand checks the market mood first and only then looks for a trade. The dealer positioning decides whether you are allowed to sell at all.
Dealers soften every move, the range holds, and the wall acts like a fence. This is the only condition the strategy sells in. The tested result behind it is a put credit spread, a bet that price stays above the floor. Placing the sold option right at the wall, and the matching call-side version at the ceiling, are our own additions and have not been tested on their own.
Dealers make every move bigger and walls stop holding. The strategy does not sell here. It says so plainly on the panel and shows no trade list at all, rather than a tempting one.
No trade until price is actually inside the trigger band. Getting close is a heads-up, not a signal. Most days never trigger, and that is by design.
Both options go in as one order, priced at the midpoint of the live buy and sell quotes instead of paying the full asking price. The most you can lose is known before you enter and is capped by the protective option.
A profit target and a stop loss are placed with the trade, not after it. Nothing is left for you to watch by hand.
Same-day (0DTE) options are closed out in the last half hour of trading. The strategy never holds into the closing bell hoping for a lucky finish.
If the strategy loses more trades in a row than its own historical average, it stops and waits. No approach works all the time. Use it while it works, pause when it stops, and let it come back.
Distance bands, spread width, minimum money collected, position limit, trading hours. The defaults are sensible, and nothing is locked.
This is not a textbook chapter on dealer positioning. These are the measured results from our own study, including the parts that argue against trading it.
During the trading day, price bounced off the nearest wall 67 to 93% of the times we tested. On positive-gamma days the put wall, the floor, held 93 to 95% of the time.
When dealer gamma was strongly positive (above +$2bn), the next day moved about 0.6%. When it was negative, the next day moved about 1.0%, and moves bigger than 1.5% happened twice as often (23% against 47%). Comparing only the extremes, below −$4bn against above +$4bn, that gap grows to about 4×.
The bounce is real but tiny, roughly 0.15 to 0.33%. That is not enough to cover the cost of buying an option. Every version we tested that bought options came out negative after real costs.
Fixed-risk put credit spreads on positive-gamma days: +12% return, 95% of trades won. That is the only structure with a measured number. The call-side version is untested, and so is placing the sold option right at the wall.
The results are public. The recipes are not. Every strategy name is a Loomi.Ai brand, and the method behind it stays private and closed-source. See the full track record → and the Dealer’s Hand certificate →. Hypothetical, not a guarantee of future results, and not financial advice.