# SpotGamma - 101 Playlist (32 videos)

> Source: https://youtube.com/playlist?list=PLfl6dp83-o6QB9dUz-m7mFpwdc_nYdxy_  
> Captured 2026-05-26. Synthesis & findings in [[../infrastructure/Options Dealer Positioning/08 - SpotGamma Playlist Findings]].


## Market Makers | Key Levels #2
*[YouTube](https://youtu.be/5fY6GfPHelQ)*

Here [music] at Spot Gamma, we want to make sure you understand what we do and why. One of the largest drivers of your daily trading returns has been hidden from you until now. You see, whenever you buy an option, someone sells it to you. And the entity on the other side of that trade is almost always what's called a market maker. A market maker doesn't bet against you. They just try to make a small spread on every [music] trade and they stand ready to buy or sell options along with the market. Since their goal is to make a little money on every trade and not take directional risk, they do what's called hedging off their risk by most often trading stocks against the option they sold to you. So, let's take Amazon as a quick example. If you buy 10 Amazon calls and the market maker sells them to you through your brokerage platform, the market maker will next buy a specific number of shares of stock to reduce or eliminate their directional risk. The power of the spot gamma platform is that our proprietary model reveals how market maker flows create predictable price action and understanding their positioning can give you a significant trading edge. Next, we'll break down delta, which defines how trading is required by these market makers to reduce their risk. Spot Gamma tracks delta across all options trades on every exchange to uncover the price levels where hedging flows are most likely to attract buyers or sellers. That means you get a clear view of where the market may turn before it happens.


## Delta | Key Levels #3
*[YouTube](https://youtu.be/ZlgHBCocUuQ)*

Now that we've unpacked what a market maker does and how their actions can reveal hidden pressure points in the market, it's time to talk about delta. Delta tells you how many shares a market maker needs to buy or sell to stay neutral after trading an option. Once you understand how that works as a trader, you can better anticipate where momentum might build and position yourself to take advantage of it. So, how many shares exactly? Well, the formula market makers rely on is not a secret. Delta is based on a well doumented and public math calculation and often displayed within your trading platform alongside any options you may wish to trade. We'll break down how delta is calculated and what it means a bit later, but here's the TLDDR. Delta helps define the neutral ratio, showing how many shares a market maker needs to buy to hedge every option they sell. It's a key piece of what drives price action.


## Gamma | Key Levels #4
*[YouTube](https://youtu.be/tetIUMchpiI)*

[music] Now that you've got a handle on Delta, it's time to talk about our namesake. Spot Gamma was founded by Brent Cachuba in 2020 to help traders hack Wall Street's playbook by revealing how market maker hedging flows influence stock prices. While delta tells you how much stock needs to be bought or sold at a single moment, it doesn't capture how that exposure changes as price and time shift. That's where gamma comes in. Gamma measures how hedging pressure evolves dynamically. And that shift [music] can move markets fast, like we saw during the GameStop squeeze. Spot Gamma applies over 20 years of proprietary algorithms to track that pressure at every spot price, giving you institution level insight into where buying or selling is likely to hit. So, where does the name spot gamma come from? Here's a quick fun fact. The price of any financial instrument is known as the spot price, the measure of how hedging pressure shifts. And you get spot gamma, a platform built to track buying and selling pressure at every spot price. That's what powers unique levels of the call wall, put wall, and volatility trigger, which we'll cover next.


## Call Wall | Key Levels #5
*[YouTube](https://youtu.be/DlnKc9ET46o)*

The call wall is one of the most important levels from spot gamma. It is the strongest level of resistance where sellers will enter the market, often providing a near-term level where traders take profits, short stocks, or sell options above this price. Spot Gamma identifies the daily call wall by running math against millions of data points every morning before 5:00 a.m. and then displaying the call wall for every US index and individual stock directly within our founders notes and equity [music] hub indicator. Going one level deeper, the call wall holds as resistance for the S&P in 83% of trading sessions based on spot gamma statistics with 88% of the time the S&P closing below the call wall. Additionally, spot gamma data shows that when the call wall is breached, forward returns typically weaken, averaging negative send basis points one day later and just five basis points over 5 days. This reinforces the call wall as a high probability zone where selling pressure builds and upside momentum often stalls. Let's take a look at a recent example where the call wall held firm and capta stocks rally. Trader tip. On July 2nd, Hood spiked on headlines and hit the $100 call wall for the first time. That level rejected multiple times throughout the day as traders took profits. This is exactly the kind of setup spot gamma helps you prepare for. With daily pre-market call levels for all US stocks and indices, you can spot key resistance zones before the market opens and trade [music] with more confidence, timing, and precision.


## Put Wall | Key Levels #6
*[YouTube](https://youtu.be/zfbWVNPmBwI)*

Next up is the put wall. The put wall is the strongest level of support where buyers will enter the market, often providing a near-term level where traders may want to take profits from short trades, enter stocks, or sell options below this price. Spot identifies the daily put wall by running math against millions of data points every morning before 5:00 a.m. and then displaying the put wall for the largest US indices in more than 3,500 individual stocks directly within our founders notes and equity hub indicator. Going one level deeper, the put wall holds as support for the S&P in 89% of trading sessions based on spot gamma statistics with 93% of the time the S&P closing above the put wall. Additionally, following a put wall breach, the S&P has a 14 basis points average for one day forward return and seven basis points for five-day forward returns. So, it's a key area where buyers will support the S&P 500. Let's take a look at how a real put wall setup played out. Trader tip. On July 2nd, Netflix stock appeared to find support after 2 days of selling. The stock fell from 1340 to 1265 when it reached the put wall. This is exactly the kind of setup spot gamma helps you prepare for. With daily pre-market putall levels for all US stocks and indices, you can spot key support zones before the market opens and trade with more confidence, timing, and precision.


## Vol Trigger | Key Levels #7
*[YouTube](https://youtu.be/CfmmrY9C4BQ)*

[music] The call wall and put wall show you where key support and resistance will likely hold across the major indices and top stocks. Now we will unpack the most important level to help you gauge when conditions [music] are likely to change. The vault trigger above it we're typically in a positive gamma environment. Calmer trading, tighter ranges, and more positive sessions. Drop below it and the tone shifts. negative gamma sets in, volatility increases, and downside risk picks up. Knowing where that level is helps you adjust position sizing, avoid getting caught offside and staying in sync with [music] changing market regimes. One key statistic is that the amount of daily volatility below the vault trigger is nearly 40% higher than when above the vault trigger. Knowing where price sits relative to the vault trigger helps you gauge how aggressive you want to be. It lets you adjust your position size, tighten your stops, or lean in when positions are favorable, whether the market's calm or getting volatile. Let's look at a recent and extreme example. On April 3rd, 2025, the S&P breached the 5700 volt trigger level, setting off a sharp price drop of more than 12% over the next two sessions.


## Key Market Dynamics & Trading Insights | Market Overview Walkthru #1
*[YouTube](https://youtu.be/lgpeqQ4hHgs)*

[music] To get started, let's begin with the homepage in your dashboard. The first thing you'll see here is the market overview designed to help you get started each trading day by displaying current market dynamics and trading insights across a customizable four grid layout. These four key sections include the live price of the major indices overlaid against our key levels in the top left quadrant, a table of support and resistance levels for the major indices to the right, squeeze candidates and stocks with high volatility within our volatility [music] risk premium VRP on the bottom left and upcoming events likely to affect market moves on the bottom right. Want to explore other features and resources? The top of the page includes a search function, live futures, and other account functionality. Lastly, the menu bar on the far left displays clickable links that take you directly into any spot gamma product enabled for your subscription access level. Next, we're going to take a closer look into each of these functions so [music] you can optimize your homepage to best meet your trading needs. Trader tip. On the live prices chart, the call wall is the strongest level where sellers are most likely to enter the market, while the put wall is the level where the most buyers are likely to enter the market. These are updated daily.


## Leveraging Your Toolkit | Market Overview Walkthru #4
*[YouTube](https://youtu.be/PrSNNmXy5MI)*

[music] Turning to the left sidebar menu, you'll see many clickable links which will take you to additional tools within the dashboard. Starting here with the alpha subscribers view. Right at the top, you'll see market overview. This is your starting point, a central hub that gives you a real-time snapshot of what's happening in the markets and quick access to key tools. Next, we move into real time signals. This is where the power of Spot's live indicators really comes to life. Here you'll find Hero, which shows you the hedging impact of options [music] flows as it's happening, empowering you to see which way buyers and sellers are driving prices. Next, volatility dashboard gives you four different ways to instantly spot which strikes are cheap or expensive relative to their historical volatility, which is incredibly useful when you structure your trades. Turning to trace, which is an industry-leading heat map for the S&P 500. This spot gamma tool shows you actual positioning as it builds [music] and recedes throughout the day. And tape unveils each specific trade as it applies positive or negative pressure to your trading targets. Moving down to the equity console, let's take a look at how you can really dig into individual tickers with more [music] precision. Equity hub offers two powerful lenses. The total OI model captures broader positioning across all strikes and expirations, great for getting a structural read on a name. The synthetic OI lens is more surgical, giving you short-term positioning data confirmed by the exchanges, ideal for intraday decisions. Then there's scanners. This includes tools like compass, [music] which helps you assess whether a stock is positioned bullish or bearish and whether its options are priced to move. Then to see which names are [music] most primed to springloadad upward, our squeeze scanner flags names where pressure is building under the surface. Lastly, under scanners, the VRP scanner helps you spot where options [music] may be overpriced, signaling potential mean reversion setups. Next up is market central. This section starts with founders notes, one of the most highly valued features among subscribers. Here you'll get daily pre and postmarket breakdowns from Brent and the spot gamma team, giving you a strong directional framework to guide your day. Following founders notes, the report section is both the flow patrol report, which unveils large market activity at key price levels, and the Sunday note, which recaps the biggest takeaways from the week. And once you've landed on the name you want to trade, you can use the Spotama proprietary options calculator to model your return profile from today through to its expiration date. The indices page is where you'll find spot gamma's read on broader market flows with charts and tables that help you analyze the major indices including S&P, QQQ, IWM, and more. And if you prefer to chart our levels inside your own tools like Trading View, Thinker Swim, or many others, the integrations tab makes it easy to overlay spot gamma levels onto the platforms you already use. Finally, at the bottom of the menu, you'll find resources, social, and account. Resources is where you can dive into educational content and past webinars to sharpen your strategy. Social gives you a way to connect with the broader spot community. An account is where you can update your profile, manage your subscription, and get support.


## AM/PM Notes, Morning Setups, Evening Recaps | Founder’s Notes Walkthru #2
*[YouTube](https://youtu.be/xxcDx56z6ho)*

[Music] Spot Gamma founders notes are published on a daily basis, Monday through Friday, every day the market is open. This enables you to identify pre-market setups and create your game plan for the day, empowered by our expert analysis and with unique support and resistance levels on the major indices. The founders note can be accessed through the dashboard on the left sidebar menu. To take a look back at older founders notes, whether to compare our outlook to the market moves or for a broader context, you can click on the recent notes listed on the right hand side of your viewing pane or choose the date you want to see by using the sorting function. You can also gain access to more insights by reviewing the video accessible by clicking the I box.


## Winning Trade Example | Founder’s Notes Walkthru #4
*[YouTube](https://youtu.be/bUkxKqD0DNg)*

[Music] The macro theme is often carried into Brent's commentary in the daily founders note analysis. For example, right before the monthly opex in May. On May 14th, Brent unveiled, "We've been highlighting the 5900 to 6,000 area as the zone wherein the rally would stall." We admittedly thought that would be more of a late May test, not so much an early May test, but here we are. The lack of negative gamma above 5900 infers market makers have less to buy into a rally. This potential topping zone comes as the market must now search for a catalyst. After we watch 5900 on the S&P provide resistance on May 13th as we expected and wrote about ahead of time in the macro theme. The market continued to trade sideways through the rest of May and closed near 5900 2 weeks later. This analysis proved hugely valuable for any one to two week swing trader who is able to fade moves higher and feel more confident knowing the options market was facing a near-term ceiling.


## Real Calls, Real Wins | Founder’s Notes Walkthru #6
*[YouTube](https://youtu.be/lF6vyG1TE2E)*

[Music] We provided invaluable analysis on April 4th, warning people that the floor is well below current pricing. And that day, the market dropped to about 5,000. When we checked the trace map this AM, we see lots of negative gamma across the whole strike range with the only significant support level at 5,000. That is not a typo. In the following trading session, the S&P near collapsed and only found support at the 5,000 support level. Active spot gamma traders were empowered to let their shorts run down to that level and avoid playing a reversal too early.


## Track Record | Founder’s Notes Walkthru #8
*[YouTube](https://youtu.be/5l2UiGZ1ipg)*

Traders come to Spot Gamma to sharpen their edge, [music] and our insights unveil time and time again how options flows are driving US markets. We're often cited in major publications like The Wall Street Journal, CNBC, Reuters, and many more. But, what matters more is how actionable our analysis is for you. That's why we hold ourselves accountable with a public report card. Each quarter we publish our biggest market calls so you can see exactly how our insights help traders position early and capture opportunity. Trader tip, check out the examples from the Q2 25 report [music] card to see how our team highlights opportunities consistently every month found nowhere else in the financial space.


## Overview | Options Calculator Walkthru #1
*[YouTube](https://youtu.be/umeoVWpRYcU)*

See your expected profit or loss before you make a trade with Spot Gamma's best-in-class options calculator. With clear visuals and dynamic modeling, you can see exactly how volatility and key spot gamma support and resistance levels drive your P&L both now and as expiration [music] approaches. Getting started is easy as you can input an initial position in several ways. First, choose from preset [music] options in the upper right corner to instantly load a preset option structure. Another great way is to add puts or calls right within the frame by clicking on the upper left tabs. Then to adjust your strikes, you can simply drag any option along the X-axis to test out your trade approach before you put it on as the calculator updates with live prices and reflects your new P&L right above the chart. Want another great way to create a new trade or change the dates on the existing position? You can scroll down the page to see each individual leg broken out with all of its key features. Here you can refine your analysis by changing individual options inputs. [music] Reduce or increase the implied volatility values, testing whatif scenarios that reflect a different time or environment, and save your positions to track your theories as you improve your trading approach. With all these unique spot gamma features, we truly believe you will have an enhanced way to generate new trade ideas with precision. Trading options means trading volatility. And with the spot gamma options calculator, you can model volatility, manage risk, and master your trades.


## Use Greeks, Volatility, & OI to Sharpen Trades | Indices Walkthru #2
*[YouTube](https://youtu.be/WXdsg8FHAmk)*

[Music] Now that you've got the core concepts down, let's look at where most traders go next, the chart-based tools. This next section is especially useful if you trade index products or futures, and it's designed to help you find the spot gamma indicators that best fit your approach. Starting with the first layout under Greeks, you can choose which index you want to see for seven specific graphs and review how things have changed over the last few days. Each graph has an eyebox with a specific video. Next, you can switch over to our volatility charts, which has five specific graphs with video support. Lastly, we have two open interest graphs that act as sentiment indicators and help you decide where to position your trades and how much confidence you have to size your exposure. Trader tip. Check out the open interest charts and look for large positions on the S&P open interest and volume chart. This might indicate where the market may see significant support or resistance. [Music]


## Layout | Equity Hub Walkthru #1
*[YouTube](https://youtu.be/QFLhNQC-gRE)*

EquityHub is your command center for spot gamma daily insights across more than 3500 US stocks [music] and indices. Within EquityHub, you'll find two core models. The first is the total open interest model which pulls in data on every US options trade and pinpoints [music] where the total options market complex is most likely to create support or resistance. The total open interest model empowers you to target the price levels or buying or selling [music] pressure could develop. The second is the synthetic open interest lens which tracks dealer [music] positioning and hedging flows. So you can anticipate potential short-term volatility and directional [music] changes with greater precision. For both models, there are multiple ways to leverage EquityHub here by applying the central viewing page, lower data tables, and spot scanners to your watch list. In the next few sections, we'll share trading examples utilizing EquityHub's total interest model in detail ways to personalize your view and apply key features.


## Overview | Equity Hub Walkthru #2
*[YouTube](https://youtu.be/o-CyAyY2j4w)*

[music] We will now do a deep dive into the total OI model. The total OI model assumes that all options are sold by market makers and is especially useful for trading [music] in the 1 week to 1 month time frame. Many traders use it to pair our key levels and volatility metrics with their own strategies [music] or our real-time products. By showing where buying and selling pressure is most likely to enter the major US indices and individual US stocks, the total OI model stays ahead of the market. Whether using our unique charts or bespoke indicators, you can search individually for new trade ideas or dive deeper into your chosen watch list.


## Synthetic OI - Track Hedging Flows Based on Dealer Positioning | Equity Hub Walkthru #11
*[YouTube](https://youtu.be/LZ-WjYlLS1o)*

Welcome to the second model within EquityHub, the synthetic OI equity hub model. The synthetic OI model is built to help you better understand short-term options positioning and hedging flows so you can react faster, manage risk more precisely, and trade short-term setups with greater confidence. The synthetic OI equity hub model has the same general layout as the total OI model, but replaces the central chart with a more advanced view enhanced by millions of more data points. This lens delivers more precise tracking of short-term options hedging flows by eliminating assumptions and categorizing transactions according to participants and whether they are opening or closing trades. These insights can be especially impactful with intraday or overnight trades. Understanding synthetic OI is crucial for intraday and overnight trading because it helps unveil how hedging flows can amplify or dampen short-term price movements. Negative gamma often leads to intraday momentum and heightened volatility while positive gamma tends to cause mean reverting or pinned price action. Traders who monitor gamma profiles can improve trading entries, anticipate volatility, and align strategies with underlying market courses. Trader tip. As a stock approaches a high positive gamma area, expect increased resistance and a potential reversal. Conversely, negative gamma zones can accelerate momentum as dealers add pressure through their hedging trades.


## Overview of Scanners | Scanners Walkthru #1
*[YouTube](https://youtu.be/kjZ5eDtLIr4)*

Whether you're looking to refine your current strategy, explore new ideas, or stay ahead of market shifts, Spotgama's scanners can deliver your edge. Within the scanners page, you'll find one of our best idea generation tools, [music] Compass, along with a long list of Spotgama proprietary scanners, including volatility, risk premium, squeeze, and many other spot gamma specific indicators. Then below the spot gamma scanners, you can see a list of actionable stock scanners that help surface directional and volatility based setups. Lastly, before we unpack each tool individually, you can scroll lower to see all the key metrics for any name flagged within compass or scanners to find names that fit your trading approach. So whether you're taking a long position, short stance, or looking for volatility based opportunities, the scanners page can help you gain confidence around your current strategy or find your next big win.


## Compass | Scanners Walkthru #2
*[YouTube](https://youtu.be/Sv66fHsIkOQ)*

[music] Welcome to Spotgama's Compass Indicator. Compass launched in the spring of 2025 and has been one of Spotgama's mostused products. Compass acts as a super scanner, empowering you to visualize your favorite names directly on one grid that displays whether stocks are relatively bullish or bearish and if options are relatively cheap or expensive. To see your specific names of interest, you can either type them individually or upload them from your pre-selected watch lists. The green side on the left of the central Yaxis reflects names that generally have a bullish positioning, while the red side on the right reflects names with a bearish positioning. Next, for options pricing, names above the X-axis have more expensive options prices, while names below the X-axis have relatively cheaper options prices. Additionally, to see the recent history for your names of interest in Compass, you can click on the toggle above the viewing grid and choose to see the past three, five, or 10day positioning for any name. For more functionality around how to use Compass, please click on the eyebox located within the dashboard as you can use both preset guided view and the customizable explorer view to find new trade ideas and compare how different stocks are positioned. Trader tip. On July 9th, 2025, [music] even though it was reaching new heights, Nvidia remained in the lower left quadrant, indicating [music] inexpensive volatility and strong upside potential. Seeing if names still have a bullish positioning or are losing steam can provide a powerful edge.


## Visualize Momentum Through Options Flow | Tape Walkthru #1
*[YouTube](https://youtu.be/2-18i83ZPGg)*

Tape is Spotg's options flow tool, showing you options trades in real time. Tape was built by Spotgamma to empower traders to separate the signal from the noise and trade options flows with greater precision. And when you pair TAP's options flows with our proprietary models, you can get a true trading edge. At its core function, tape brings you real-time information on options transactions as they occur, providing detailed insights into live market activity with multiple scanners and filtering options. Tape helps you gauge market sentiment towards specific stocks, assess the conviction behind trades, and understand orderflow magnitude and impact. And to supplement these individual videos, you can always click on the using tape box in the upper right corner to see ways to trade with tape or follow an in dashboard tutorial that includes a user guide. We'll next explore how to use the market highlights, unique filters, volume, premium in Greeks, and both flow data and contract data to optimize your trading approach with spot gamma's tape.


## Filter For Real Trading Edge | Tape Walkthru #4
*[YouTube](https://youtu.be/tJRtTa3lS98)*

Tape was created to help you more easily [music] find the signal within the noise as you optimize your trades within tape. After selecting [music] a name of interest, you can filter by time frame, select names from one of your watch lists, or choose from a preset scanner to bring in many unique ways to search [music] for new names. Next, you can evaluate all expirations or look at a more narrow range by using the expiration slider. Additionally, you can choose to only see trades above a certain threshold by moving the premium toggle slider to the right. Below these filters and features, [music] you can further narrow your search by selecting from 15 additional stock characteristics, all which display their definition when you scroll over them. And lastly, once you find a filter that fits your criteria, you can always save it for future use.


## See Breakouts Before They Happen | Tape Walkthru #6
*[YouTube](https://youtu.be/Vyryczz9L_E)*

As PLTR traded near $153 and approached [music] the 155 call wall, short-term resistance would have typically kept the stock below the call wall. However, the [music] spot gamma Hero indicator showed meaningful call buying reflected by the rising orange line. Looking deeper, tape revealed significant [music] and consistent call buying and put selling at strikes in the 150 to 155 range with medium to longdated expirations. This sustained bullish flow highlighted by 175 million hero reading and over 40 million in longerdated calls suggests traders should ride momentum rather than fade it. While the callwall did its job for the following week, PLTR ultimately surged above 180 in August. The key edge was tape [music] identified this momentum early, empowering traders to avoid taking premature profits and to ride the move higher.


## See Options Flow Drive Price | HIRO Walkthru #1
*[YouTube](https://youtu.be/VW4QvGWrkEA)*

Hero is Spotg's real-time indicator of options hedging pressure. Hero has been a flagship product since 2022 and remains one of our most popular indicators. Hero provides you with an instantaneous view of how options flows are driving the most active US stocks and indices, unveiling the direction and magnitude of expected price action. Traders use Hero in many impactful ways to validate their strategy, adjust position sizing, and decide when to trade with momentum or fade the flow. Now, let's break down the core functions that can make Hero your true trading edge.


## Read Calls, Puts & 0DTE | HIRO Walkthru #3
*[YouTube](https://youtu.be/BTioVg2iO04)*

When it comes to Hero, you have many ways to make the view your own. Starting with the default view and easy to use toggles, Hero shows you the total lens, which displays [music] the impact of all trades with a single purple line. To separate hero into puts and calls, click on put call, which will then separate the hero indicator into an orange line for calls and a blue line for puts. If you want to dial in just the next expiration flows, commonly referred to as zero DTE, you can enable this view via the next expiry [music] function. Also, you can choose to watch the zerodte hero indicator by itself or along with all trades to look for divergences. Most importantly, before we [music] dive into additional functionality, we want to ensure you feel comfortable reading the hero chart to see how options flows are [music] driving your stocks. The total hero going upward indicates positive options flow pressure, while downward movement indicates negative [music] options flow pressure. Then to get greater insight into the specific options driving price, you can split [music] the total again into puts and calls. When the orange call line goes upward, that reflects call buying from traders and the blue line going upward reflects put selling. Conversely, downward call line trajectories would indicate call selling by traders and downward putline [music] trajectories would indicate put buying. Next, to make more adjustments to the visual field, click on the settings icon and a new table opens. You will see a few of the same lenses with all trades [music] in next expiry along with a retail lens that displays total options traded by retail as a red line. This view was popular during the GameStop [music] craze and can also be split into puts in magenta and calls in gold. Next, for the rolling window, we suggest traders start with the 1-day view, anchoring [music] to the total order flow for the day before dialing into specific time windows. Additionally, Hero provides a oneweek look back period that will show you at a glance [music] how the options pressure has driven your stock over the last five trading days. Lastly, you can choose to display or hide spot gamma flow alerts. [music] Remove extended hours to exclude pre-market trading and toggle spot gamma key levels on or off. Trader tip: One of the best ways to apply hero is to watch for when the momentum flatlines or starts to [music] reverse to take profit or play a reversion trade.


## Intermediate Trade Strategy | HIRO Walkthru #5
*[YouTube](https://youtu.be/-fGdkks0Rvg)*

One intermediate level trading strategy would be to look for trading opportunities when hero approaches the call wall or put wall to play a reversion. Let's take a look here at a Netflix example. When you see hero streaking downward toward a spot gamma put wall and then flatlining or reversing at the put wall. This may be an ideal time to sell a zero DTE put spread below the put wall. Trader tip: To find new trading opportunities where the call wall or put wall come into play, select alerts from the menu on the right to be notified when stocks either breach the call wall or put wall. This can help you stay on top of moves and optimize your trading day.


## See Where Volatility is Mispriced | Volatility Dashboard Walkthru #1
*[YouTube](https://youtu.be/PcmpuBXfdlc)*

[music] Welcome to the spot gamma volatility dashboard. Powered by real-time data and spot gamma's proprietary algorithms, the dashboard delivers a comprehensive view of current market volatility. It's a powerful tool for options traders [music] and a valuable sentiment gauge for both futures and equities traders. At its core, the volatility dashboard reveals [music] whether options are relatively cheap or expensive across strikes and expirations, highlighting mispricings, and revealing the potential for unexpected market moves. The dashboard [music] is organized into four primary views: fixed strike matrix, term structure, volatility skew, and VIX term structure. And each page offers a distinct perspective, which we'll break down next.


## Trade Volatility Across Expirations | Volatility Dashboard Walkthru #7
*[YouTube](https://youtu.be/kheqm3r-V5U)*

Let's now take a look at an advanced strategy for situations where you believe the market is overestimating the size of an upcoming move. This setup focuses on using calendar spreads to take advantage of inflated near-term volatility. First, load your name of interest into the term structure tab and then look at implied volatility in the gray cone. When near-term IV is near the top of the cone or pushing above it, that signals shortdated options are relatively expensive. Next, shift your focus to longerdated options, typically 30 to 60 days out from the event timeline. Next, to further confirm your thesis, enable the forward IV adjustment within the term structure settings. When the adjusted curve sits above the standard term structure curve around your target date, it indicates the market is pricing in an unusually large move during that specific time window. Now, the trade that you want to consider is a calendar spread. You sell the expensive near-term option and buy a longerdated option at the same strike price. If the anticipated large move fails to materialize, the near-term option decays rapidly while the longerdated option holds its value. This strategy is most effective around eventdriven scenarios such as earnings releases or FDA approvals when you believe actual volatility will be lower than what the market is expecting. And by trading the same strike across different expirations, your risk is capped. A key component to creating a disciplined and repeatable trading strategy, something we emphasize here at Spot Gamma.


## Overview | TRACE Walkthru #1
*[YouTube](https://youtu.be/LkbLv5Aai6s)*

Welcome to Trace. Trace is a powerful heat map that shows you how the options market exerts pressure on the SPX index throughout the trading day by unveiling zones of buying and selling pressure, areas of heightened volatility, and points of price consolidation. Powered by both internal algorithms and exchange [music] data, Trace provides you with multiple ways to see how options flows are driving the S&P 500. Let's get into the best ways to use Trace to spot support, resistance, and volatility [music] so you can strengthen your entries and exits.


## Trading Approach | TRACE Walkthru #4
*[YouTube](https://youtu.be/NL-DPXrxmM0)*

[music] >> Now, we will walk you through a basic strategy to use trace when trading the S&P 500. Most traders using trace should start with market makers selected as the market participant as this provides the most precise view into dealer hedging activity. We recommend beginning with the gamma lens at the start of the trading day. This shows where the market reflects zones of positive gamma and low volatility in blue or negative and higher volatility in red. Then we suggest switching to the delta [music] pressure lens throughout the morning and into the early afternoon to see the shifting amounts of positive and [music] negative pressure building or releasing. Then as we head into the close, we advise [music] checking the charm lens to see where nodes of blue positive gamma or red negative gamma are forming. The blue zones can be sticky or provide a magnetic effect while red zones [music] often repel trading highlighting the most likely place the S&P may finish the day. All the while you can track the activity within the GEX bars on the left how [music] the key positions and gamma bars change during the trading day. Trader tip: For intraday trading, historically, selling options in a negative gamma environment comes with more risk due to larger price swings. Look to sell covered premium in positive gamma environments where options are providing more [music] stability.


## Gamma in Action | TRACE Walkthru #5
*[YouTube](https://youtu.be/DCSCA9yiZPs)*

[Music] Spy Gamma identified a large zerodte captain condor options position in SPX that created significant gamma exposure at specific strike levels 5910 to 5960 acting as a powerful price magnet. Gamma-driven hedging behavior generates an intraday magnet that pulls the market back towards these gamma heavy levels, providing traders with key support and resistance zones. In this example, we saw the market unable to break out above the resistance created by the top end of the range on the GEX bars.


## Delta Pressure in Action | TRACE Walkthru #6
*[YouTube](https://youtu.be/5Eyu1ZkRPds)*

The market initially declined from the open [music] until hitting strong positive delta pressure around 10:30 a.m. Eastern where market maker buying support created a floor and sparked a rally. The upward move continued [music] as positive delta pressure provided institutional buying power throughout the late morning session. However, around 12:30 p.m. Eastern, when touching levels with negative delta pressure, market makers are forced to become net sellers in creating selling pressure that cap the rally and began weighing on the market.


## Charm in Action | TRACE Walkthru #7
*[YouTube](https://youtu.be/iNEm7SGaylg)*

Based on the trace charm pressure heat map, traders monitor concentrated buying and selling pressure [music] zones shown as red and purple areas to identify potential support and resistance levels. In this June 26th example, significant overhead selling pressure developed above 6140 on S&P, creating a dynamic resistance zone that prevented the market from breaking higher. As SPX rallied on bullish momentum, it got pinned at 6138, right in between the negative and positive pressure zones.