Cumulative Net Gamma
The market maker's net gamma through the session: the regime line, in its own slot.
What it shows
It sits in its own slot in the quantedGamma workflow. One line per cohort (0DTE, All-expiry, All - 0DTE) plots the market maker's net gamma through the session, with one-minute candles on the same time axis. Two displays: Off open is the intraday change since the start of the session; Absolute is the dollar level. The desk reads it in Absolute.
What it is built from
The market maker's net gamma, totalled across every strike for each expiry cohort. Built from licensed CBOE one-minute SPX and VIX data with market-maker positioning, recomputed every minute.
Reading
How to read it
- Read it in Absolute. Above zero is a positive gamma regime: moves get absorbed. Below zero is a negative gamma regime: moves travel faster and farther, both ways.
- A cross through zero in Absolute is the regime change.
- Into the close the 0DTE line swings hard as expiry nears: -$29.6B here. That is the expiry, not the regime.
- So late in the day, read All - 0DTE in Absolute: the book that carries over. Here it reads +$2.3B and rising, and the next session spent 99% of its minutes in positive gamma.
- Off open shows the intraday change since the start of the session: whether gamma has been added to the book or taken from it today.
Controls
What each control does
| Control | Options | What it changes |
|---|---|---|
| SPX / VIX | SPX, VIX | Which product's book is plotted; the candles follow. |
| Cohort checkboxes | 0DTE, All-expiry, All - 0DTE | Which lines are drawn. Late in the day, tick All - 0DTE on its own. |
| Off open | Absolute | Off open, Absolute | Off open shows the intraday change since the start of the session. Absolute shows the dollar level, which is how the regime is read. |
| Fill | on / off | Shades between each line and zero. |
| Gear: Line Style | colours, width, line type, fill opacity, zero line | How the lines look; saved in your browser. |
Read it with
- SPX Gamma Profile — the regime across price at one minute; this is the regime across time
- Header readouts — VIX rising while the line is below zero is the negative gamma picture in the case-study sessions
Good to know
- Read the regime in Absolute: the sign is the message.
- Near the close, 0DTE gamma grows as expiry approaches. Switch to All - 0DTE to see the next session.
- 0DTE and All - 0DTE are two separate reads: today's book, and the book that carries over.
A real session
See it happen
15:54 ET
2026-09-02 into the close, in Absolute: the 0DTE line plunges to -$29.6B as expiry nears, while All - 0DTE crossed above zero around 14:00 and reads +$2.3B and rising at 15:54. The next session, 2026-09-03, spent 99% of its minutes in positive gamma.
12 slides
The walk-through, slide by slide
Slide 1 / 12
From the product
Real frames
Shot off the live product, nothing redrawn. Click the right side of a frame for the next one, the left side to go back.
Product frame 1 / 8
These pages describe what the displays show and what the data did on the sessions shown. They are not trading advice, and a past session is not a forecast of a future one.