Case studies
Real sessions.
Read off the dashboard.
Every case is a real SPX session, and every number in it was read from the archive the dashboard itself is built from. 14 of the 22 were called live — the post, its time, and the dashboard at that same minute.
22 cases
1:16Calls bought, puts sold, net delta at the highs: the run to 7750
At 11:23 four things lined up on one screen. Seven minutes later price was 35 points higher.
The bullish stack
1:117675 builds, charm turns supportive, and price is there 35 minutes later
The strike was 21 points above price when it started to grow.
The bullish stack
1:11Calls sold, puts bought, and the 7700 strike underneath
The flow was bearish all morning. The low printed six points above the one strike that mattered.
The dive and the hold
1:07A pop in gamma at 7730 and 7740, and the squeeze 49 minutes later
Two strikes lit up at 10:28. Price was 17 points under them.
The bullish stack
1:16The floor built while they sold
Sellers leaned on it all morning. The low printed two points above the strike being built.
The dive and the bounce
1:20FOMC: the positioning left before the price did
At 14:08 the chart looked fine. The cushion under it was already gone.
Event days
1:11The Tuesday before VIX expiry: the flow never confirmed, so no follow-through
Negative gamma, suppressive charm, price falling — and the put line never turned up.
The VIX Tuesday
1:16One strike held price for four hours and forty minutes
From 10:07 to 14:47, not one candle traded at 7700.
One strike caps the day
1:02Stuck in $6.9B of positive gamma mud
Thirty-two points, all session, and the high was the opening print. This is what a positive gamma regime looks like.
The positive gamma regime
1:07Market is in negative gamma now: faster and farther, both ways
Up 34, then down 52. Same day, same regime.
The VIX Tuesday
1:11CPI morning on the zero gamma line, and the dominant upper strike again
At 10:34 it was one push from negative gamma. It never got the push.
Event days
1:07Put selling all morning, supportive charm, and 7650 overhead
The whole book was negative gamma. The 0DTE book was building a ceiling.
The bullish stack
1:07Named before the open: support off the dominant positive strike at 7655
Posted before the open. Tested five and a half hours later.
The dive and the bounce
1:11Everything lined up: the dive, the bounce, and one strike left above
By 12:10 there was nothing left on the board below price.
The bullish stack
1:11Straight down to the dominant strike, and the VIX high in the same minute
7375 led the board in 87% of the day's reads. The low was one point above it.
The dive and the bounce
1:11VIX at 22 and a 155-point reversal off the 7250 put strike
The day after a 120-point drop. The low was seven points above one strike.
The dive and the bounce
1:07A positive gamma day: one direction, one strike, no drama
Net gamma was positive every minute of the session. Watch what that does to a trend.
The positive gamma regime
1:02FOMC in negative gamma: down 77, up 110, down 137
All-expiry gamma was negative every minute. Price travelled 324 points to close 102 lower.
The negative gamma regime
1:07A rally in negative gamma: spot up, vol up
Price went up 129 points, low to high. So did volatility.
The negative gamma regime
1:11VIX ran to the expiring contract's largest strike and turned — and so did SPX
Tuesday, the day before VIX expiry. VIX went from 17.6 to 23.3 in three hours.
The VIX Tuesday
1:07The bearish mirror: calls sold, puts bought, negative gamma all day
Flip every signal from the bullish days. This is that day.
The VIX Tuesday
1:11Two verticals in one session: a floor sold in the morning, a ceiling sold at lunch
Put selling outpaced call selling all morning. By 12:45 there was a lid on it too.
One strike caps the day
Back to back
The films, joined by pattern
The same case films, played one after another for each pattern.
Everything lined up
These pages describe what the displays show and what the data did on the sessions shown. They are not trading advice, and a past session is not a forecast of a future one.