What is Reference Price? Reference Price is the price of the stock at the time the SpotGamma data was calculated. Why does Reference Price matter? If the reference price has changed significantly it may mean the SpotGamma data has changed. How to use Reference Price When the underlying stock shifts away from the reference price the important levels may have changed, too. You will need to consider this when referencing SpotGamma data. Related articles What is VIX Ref? What is Total Call OI (Open Interest)? What is Gamma Flip? What is Delta in Next Expiration? What is Gamma, Market Gamma and/or Total Market Gamma?