Dealer positioning charts tell you where gamma sits right now. This tells you what happens next: how much stock market makers must mechanically buy or sell to stay delta-flat across a joint grid of price, volatility and time outcomes — including the two channels a gamma chart structurally cannot show, vanna (the vol–spot feedback loop) and charm (the decay pin). Every scenario is produced by fully repricing the dealer book at the shifted state rather than multiplying today's greeks by a move, and every flow is denominated in % of average daily volume — the only scale on which a hedge is big or small.
When the desk opens: names where the public tape, Research Library read (display-only), and dealer stance fight each other — never blended into one score. Click a row to load the full desk.
Side-by-side scoreboard for the autonomous paper book: defined-risk options overlay
(momentum_trend_options) vs stock momentum+trend (momentum_trend).
Desk private-vs-public fight stand-downs and flattens count as non-trades — excluded from
win/loss tallies. Observability only; never a sizing trigger.
What the mechanical flow regime means in practice: entry style, where risk placement fights forced flow, which vol expression matches the vanna channel, the calendar flow to position ahead of, and how execution should treat a tape where dealers are a first-order participant. Every line is derived from the numbers above — conditional readings of the assumed book, not recommendations.
Three independent layers reconciled server-side: the honest composite (used_weights + display_only from the live signal), options/flow conviction from scores.options (not the composite weight smear), and dealer stance from the computed regime. The agree / fade / fight headline is computed here — not claimed by the model.
Open interest settles overnight, so each morning the book is genuinely new. This is the diff against the last stored session: regime transitions, gamma intensity, flip migration and the vol-spike response — the questions a desk asks before the open.
The surface says what the tape will mechanically do; this says what to build against it. The same institutional selector the autonomous options bot trades: thirteen defined-risk or share/cash-covered structures scored against the measured regime — implied vs realized vol (the carry spread), term structure, the dealer gamma sign, the live 5-factor read — with concrete legs picked from this chain, priced in-model, and sized against a 5%-of-equity risk budget. Refusals are kept with their reasons.
Each cell is the stock dealers must transact if spot and implied vol move together to that state. Red is mechanical supply (dealers sell), green is mechanical demand (dealers buy). Reading across a row isolates the gamma channel; reading down a column isolates vanna. The cross terms are the point — a 2% drop with vol bid is a materially different hedge than a 2% drop with vol flat, and that difference is invisible on any one-dimensional chart.
Cumulative hedging requirement from here to each price level, vol and time held fixed. Where the curve runs with the move — dealers buying higher, selling lower — hedging is fuel; where it runs against it, hedging is a brake. The shaded band is the accelerant zone, the contiguous stretch of prices over which dealer gamma is negative, and the dashed line is the gamma flip where the reflex inverts.
Move price and volatility to any joint state and read what the dealer book must mechanically trade to stay delta-flat. Values are read off the same response surface as the grid above — between grid points the readout says it is interpolating, and never pretends to a precision the surface does not carry. Time is held fixed here: this is the price-and-vol surface as of now, and the decay channel has its own chart below. A named scenario that also advances the calendar will therefore differ slightly from the same price/vol point read here — that difference IS charm.
The joint states a desk plans around, each fully repriced with one day of decay applied — real overnight risk always includes the carry.
| Scenario | State | Shares | Notional | % ADV | Direction |
|---|
The vol and time channels on their own, with price unchanged. The vol column is vanna: what a pure change in implied volatility forces, which is the mechanism behind a market that melts up as vol bleeds out. The time column is charm: the hedge that arrives on the calendar with nothing else moving.
| Vol shock | Shares | % ADV | Direction |
|---|
| Decay | Shares | % ADV | Direction |
|---|
Where the three exposures live, across an unbroken band of strikes around spot — read down it to find where a sign turns. Signs are dealer exposure — a delta change, not a hedge. The hedge is the negation: positive gamma exposure means dealer delta rises as spot rises, so they sell into strength.
| Strike | Gamma / 1% | Vanna / vol pt | Charm / day | Call OI | Put OI |
|---|
The same engine run across the liquid board, ranked by how much of a normal session's volume a 1% move forces through dealer hands. The top of this table is where mechanical flow is most likely to be the marginal driver of the tape today — and where regime-conditioned tactics carry the most weight. Click a row to load its full desk. The nightly, graded version of this board lives at QL Dealer Flow Daily.
Dealer positioning cannot be observed. It is assumed from open interest. The convention selector offers the complete sign matrix — the index-standard read, customers net long premium, the speculative call-buying tape, and the overwriting / put-selling tape — and because the assumption drives the sign, the desk recomputes the headline exposures under every one of them below. The sign-agreement flag compares the two baseline assumptions; the tape-specific conventions are deliberate reads, not competing baselines.
| Convention | Gamma / 1% | Vanna / vol pt | Charm / day |
|---|
Attach a Research Library thesis or open IC thesis. The cell becomes a live risk object and a collab note is posted.
How much stock market makers must mechanically buy or sell to stay delta-flat across a joint grid of price, volatility and time outcomes for one underlying — including vanna (the vol–spot feedback loop) and charm (the decay pin), which a gamma chart cannot show. Every flow is denominated in percent of average daily volume.
A gamma chart tells you where gamma sits right now. The desk fully reprices the dealer book at each shifted state instead of multiplying today's greeks by a move, so it tells you what happens next — and it includes the vol and time channels.
Long calls / short puts by default (the SpotGamma / SqueezeMetrics standard), selectable in the controls; the methodology section explains why the convention drives the answer and what the assumptions are.
The same engine run across the liquid board, ranked by how much of a normal session's volume a 1% move forces through dealer hands. Click a row to load its full desk.