Is negative call gamma bullish? Negative call gamma is an indicator of volatility. When there is a larger (ie more negative) call gamma that infers volatility in the stock should be higher. This may be bullish if the stock is rising at negative gamma implies dealers need to hedge in the same direction as the stock. Related articles Do the NDX PX and NQ PX values also incorporate the QQQ gamma into the levels? Or is it just based on NDX gamma? How does Next Exp Delta & Gamma effect the price going into that expiration and on Monday? How is SG for SPX negative but positive for SPY? In terms of risk on/off how do we interpret different Vol Triggers for SPY/SPX and QQQ/NDX? What is Gamma, Market Gamma and/or Total Market Gamma?