Definition · updated 2026-10-21
Gamma flip
The gamma flip is the price at which cumulative dealer gamma exposure crosses from positive to negative. Above it, dealer hedging dampens moves and ranges tend to hold; below it, hedging amplifies moves and volatility expands. It is the single most useful line on a GEX profile.
See it live: today's GEX levels by ticker.
Reading it
When spot is above the flip, fade extremes and expect pins near heavy strikes. When spot is below it, expect trend days and wider ranges, and size accordingly. A flip far from spot means the regime is stable for the session; a flip near spot means it can change within hours.
Some chains have no flip: cumulative GEX stays one-signed. OptionScout reports that honestly instead of drawing a crossing through noise.
Frequently asked questions
- What happens below the gamma flip?
- Dealers are net short gamma and hedge with the move: selling into declines and buying into rallies, which amplifies both.
- Is the gamma flip the same as the zero gamma level?
- Yes. Zero gamma, gamma neutral and the gamma flip all name the price where cumulative GEX crosses zero.