The Live Price & SG Levels chart shows you the strikes and ranges where price is likely to be influenced by market maker hedging, which can increase or decrease realized volatility locally. This chart is designed to match up price action on the right with important levels of gamma, delta, or open interest on the left. The Live Price & SG Levels chart brings forward four lenses to view the options landscape for each stock: (A) gamma, (B) delta, (C) open interest, and (D) net positioning.

A.  Gamma

The Gamma lens in theLive Price & SG Levels chart shows call and put gamma across each strike, including where it is negative or positive. Large nodes of positive gamma often serve as sticky support or resistance, stabilizing price movement and often leading to reversals when these levels are breached. Conversely, strikes holding negative gamma are associated with heightened realized volatility.

B.  Delta

The Delta by Strike view indicates dealer buying pressure at specific strikes. Strikes with significant positive delta positions can accelerate upward trajectory, or cause downward price action to reverse. Strikes holding negative dealer delta can amplify down trends, or cause upward price movement to stall or reverse.

C.  Open Interest

The Open Interest by Strike lens unveils how many contracts are held by dealers (market maker) across all strikes, broken out by puts and calls. This factors into the delta and gamma by strike charts, and can also help traders determine which strikes are most meaningful for market participants.

D.  Net Positioning

The Net Positioning lens factors which contracts were bought or sold to see true positioning from dealers. Large bars indicate where dealers have to hedge more aggressively, as contracts at those strikes are disproportionately one-sided.