The gamma flip is the price where dealers' aggregate gamma exposure changes sign — the line that divides a pinning regime above from an accelerating one below. This page defines it, walks a real published board, and shows where it appears every session.
Dealers — the firms that sell options to the public — stay delta-neutral by hedging in the underlying futures. Their aggregate gamma exposure is the net shape of that hedging book. The gamma flip — also called the HVL, or high-volume level — is the price where that aggregate exposure changes sign.
The flip does not mark a place where something happens. It marks the boundary between two different markets. Above the flip, dealers are typically long gamma: as price rises they sell futures, and as price falls they buy them. That flow leans against every move, so the tape tends to mean-revert and pin. Below the flip, the sign reverses: dealers hedge with the move, selling as price falls, so declines can accelerate as one round of selling forces the next.
Here is the trio SPECTRE published on the NQ board for 2026-10-06: the flip — labelled HVL (gamma flip) on our boards — at 30,340.4, the call wall at 32,000 above it, and the put wall at 29,000 below. Every number on this page comes from that published board; none of them is hypothetical.
Read the geometry, not a prediction. The flip at 30,340.4 divides the board into its two regimes. The call wall at 32,000 is the largest call-gamma strike overhead, and the put wall at 29,000 is the largest put-gamma strike below — each is a level where the hedging behind it leans against price approaching it. Where price sits relative to 30,340.4 is the first thing the map tells you about the session's character.
The same session's ES board carried the flip at 7,793.13, with the call wall at 8,000 and the put wall at 7,700 — a tighter envelope around the flip, which is the same structure at a different scale.
Every session, before the open, the free board at /levels/NQ/today (and /levels/ES/today for ES) lists the trio in a table: the row labelled HVL (gamma flip) is this level. No sign-in, no account, no paywall — the board is the free product.
After the session closes, every published level is graded in public — read exactly how in how we grade levels. SPECTRE publishes the grades and does not advertise a hit rate.
The flip is a regime boundary, not support or resistance. Price does not bounce off the flip because the flip is there; what changes at the line is the direction of the hedging flow underneath the market. A session that crosses the flip changes character — the pinning regime's mean reversion gives way to hedging that moves with price — which is information about how to read the tape, not an instruction to buy or sell anything.
The practical use is ordering attention: which side of the flip price sits on, whether the walls are holding, whether volume is expanding into the move. The map says where to look; the tape says what is happening.
The price where dealers' aggregate gamma exposure changes sign. Above it, hedging leans against the move toward pinning; below it, hedging moves with price and declines can accelerate.
High-volume level — the conventional alternative name for the gamma flip. SPECTRE's boards label the row HVL (gamma flip), and the two names refer to the same line.
The published flip is computed from positioning and set before the open. Positioning can shift intraday as options are opened and closed, which is why the regime you are in — above or below the line — matters more than the exact tick it sits on.
Every session, before the open, on the free board at /levels/NQ/today and /levels/ES/today — no sign-in. Each published level is then graded in public once the session is done, with no advertised hit rate.