What is the Gamma Tilt and Delta Tilt index chart? The Gamma and Delta Tilt Chart projects the ratio of calls divided by puts, overlayed against the price of the ETF or Index. The left y-axis reflects the price of the index, the right y-axis reflects the tilt ratio, and the x-axis reflects the trade date. Gamma is highest for options which are At The Money. The higher the Gamma number and peak of the lines on the chart, the more bullish the current sentiment, which tends to mark a top which could reverse downward. Alternatively, and where we have higher confidence, is when we see lower numbers which could indicate an upcoming reversal upward. This is when we view the overly bearish positioning. To next take a look at Delta, you just click on the upper right button, which has a higher application for options which are In The Money. The same broader activity and implications tend to exist for Delta. As we approach a lower bound, there is a higher likelihood of a reversal because dealers have exhausted their positions and are properly hedged. Therefore, the Gamma and Delta Tilt Charts provide a good view into which indices could be nearing a top or bottom for a reversal trade, and we give more relative strength to lower numbers reflecting a stronger support level, off of which you may want to play a reversal higher. SpotGamma Subscribers can access this chart for the SPX, SPY, NDX, QQQ, RUT and IWM. Related articles What is the Expiration Concentration index chart? What is the Absolute Gamma index chart? Call Ratio Backspread What is included in SpotGamma's Discord? What does each axis on the HIRO Chart represent?