- The continuous flip marks a zero crossing in the simulated profile.
- Current net GEX determines the displayed regime sign.
- A simulated crossing can run in either direction.
- Distance to the reference is a price comparison, not a safety margin.
Current net GEX sums the selected book's exposure using provider Greeks where available and the existing fallback otherwise. The profile instead recalculates gamma across hypothetical spot prices using Black-Scholes and smoothed IV. Its zero crossing is the simulated flip. The two calculations can differ, including in sign at the current spot.
The hedge mechanics depend on position gamma. Under the disclosed long-call / short-put assumption, positive gamma implies selling rises and buying falls to maintain a delta hedge; negative gamma implies buying rises and selling falls. Those conditional mechanics do not establish actual dealer holdings or a price forecast.
As of the 5 Nov 2026 snapshot (12:15 ET), SPX's recorded flip reference is 7,683, with spot at 7,434. Distance compares the two prices. It is not a measure of safety, expected range or the probability that the current regime persists.
What happens when price crosses the flip
A simulated crossing can run from negative to positive or positive to negative as hypothetical spot rises. A book can have multiple crossings or none inside the searched range. The dashboard reports direction when the selected continuous crossing supplies that metadata.
Crossing this reference does not require current net GEX to be zero or change sign. Read current net GEX and the displayed regime separately from the simulated curve. Neither the crossing nor its distance supplies a trade entry, stop distance or position size.
The gamma flip is not support or resistance
The flip is calculated under the simulation's contract, open-interest, volatility and time assumptions. New snapshots change those inputs and can move the reference. A calculated zero crossing does not establish that market price will stop, reverse or accelerate there.
When the continuous solver finds a crossing, the dashboard uses that reference with rounded display values. If no continuous crossing is available, an existing legacy strike-based reference may be shown; otherwise the level is unavailable. Read the reference’s label and the data guide for its scope and limitations.
Regime Transition: the proximity label
The amber REGIME TRANSITION label identifies the existing proximity band around the simulated flip. For valid data, the dashboard keeps its existing low-exposure and offsetting rules as well. Proximity does not assert that current net GEX is zero. Missing current net is unavailable, not a directional regime.
Read spot and flip together
Illustrative prices, not a market quote: spot 100.50 and simulated flip 100.25 put spot 0.25 above the reference. That arithmetic says nothing about current net GEX. Check the Gamma regime separately, then inspect the profile’s crossing direction.
Frequently asked
What is the gamma flip level?
The gamma flip is a zero crossing of a separate smoothed-IV simulation. Current net GEX determines the displayed regime sign under the existing display rules. The simulation can cross in either direction or have no crossing in its searched range.
What happens when price crosses the gamma flip?
Crossing the simulated flip does not require the current-net estimator to change sign. The crossing direction describes the simulation only. Its distance does not establish a trade signal or safety margin.
How is the gamma flip different from support or resistance?
The flip is a calculated model reference. It does not establish support, resistance or a future price reaction. Actual dealer holdings are not observed by this open-interest model.