What is the gamma flip level?
If dealer gamma decides what kind of day you are trading, the gamma flip is the price where that answer changes. It is one of the few levels on an options map whose meaning does not depend on how far away it sits.
How it is derived
Aggregate dealer gamma is not constant across prices — it is calculated strike by strike, so the total changes as spot moves. The flip is the price at which that total crosses zero.
Above it, the book is net positive and hedging dampens moves. Below it, the book is net negative and hedging feeds them.
Why it behaves differently from a wall
A call wall or put wall is a single strike, and its relevance is dominated by distance — far ones are rarely tested. The flip is a regime boundary, so it matters as a piece of context whether or not price goes anywhere near it.
Knowing you are trading two percent below the flip is useful even if price never touches it, because it tells you the hedging around you is amplifying rather than absorbing.
How it moves
The flip is not fixed. It shifts as positioning changes, and it moves most around expiry when large blocks of open interest roll off.
That is worth internalising generally: levels drawn from an option board have a short shelf life. When we measured it, roughly a quarter of dealer walls had moved by the next session and about half were gone within a week. Treat any level as today's read, not a standing line on your chart.
The flip tells you which regime you are in, which is useful even from a distance. Re-read it daily — it moves, especially near expiry.
Keep reading
See it on a live board
FlowMonkey prices every level by whether your ticker can actually reach it today — measured on that symbol's own range, re-sorted as the session burns down.
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