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.

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.