What are Zero Gamma Levels? Zero Gamma Levels is the estimated price at which dealers hedging activity is null. Why do Zero Gamma Levels matter? This is the level at which options market makers hedging activity may change from suppressing volatility and supporting markets, to expanding volatility and risk. How to use Zero Gamma Levels When markets initially cross the Zero Gamma line, selling may ensue. Related articles What is Put Wall Support? What is Volatility Trigger™? What is Gamma Notional? What is CP Gamma Tilt? What is Key Gamma Strike?