In EquityHub, negative OI values mean that SpotGamma estimates market makers are net short those options contracts.

Why this matters

SpotGamma models market maker positioning based on options flow data. OI is displayed from the market maker perspective:

• Positive OI — market makers are estimated to be net long those options (they sold to traders and are hedging long)
• Negative OI — market makers are estimated to be net short those options (traders have sold to market makers)

This is not a data error. The sign reflects the direction of estimated dealer exposure at each strike, which drives the hedging flows SpotGamma tracks. Negative gamma at a strike means dealers may need to sell into weakness and buy into strength — amplifying price moves rather than dampening them.

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Support articles explain how Equity Hub works. The Synthetic Open Interest Model and Total Open Interest Model product pages shows how traders apply it in real market conditions — with concrete examples and a clear view of how it fits into daily trade decisions.

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