The left Y axis is the current stock price, along with multiple other SpotGamma levels and last closing price. If the indicator is going up, it signifies traders are either buying calls and/or selling puts. Conversely, if the indicator is going down, it suggests that traders are selling calls/or buying puts.

In either situation, if the indicator is going up, it suggests that dealers and market makers may have to buy the underlying stock to hedge their position. Conversely, if the indicator is going down, it implies traders may have to sell or short shares of a stock in order to hedge.

SpotGamma Alpha subscribers can access the SpotGamma HIRO Indicator here.