The Daily GEX Read
QQQ dealer positioning, mapped before the bell. Every trading morning.
Most 0DTE traders open the chart and start looking for a setup. That’s backwards. Before you look for a trade, you need to know what kind of day it is — because the same pattern that prints money in one regime bleeds you out in the other.
Gamma exposure tells you which one you’re in. Dealers who are long gamma hedge against movement: they sell rallies and buy dips, and the tape compresses. Dealers who are short gamma hedge with the move: they sell weakness and buy strength, and the tape runs. Same index, same chart, completely different rules of engagement.
The Daily GEX Read publishes that map every trading morning, before the open. Free.
What’s In Every Read
The Regime
Where price sits relative to the gamma flip point, and what that means for how the tape is likely to behave. Positive gamma means fade the edges. Negative gamma means respect the trend and cut the fades.
The Levels
Gamma flip, call wall, put wall — with the distance from spot in both points and percent, so you know immediately whether a level is reachable today or decoration. Plus the volatility backdrop: implied versus realized, IV rank, IV percentile.
The Read
The directional lean, stated plainly, along with the reasoning behind it — and a hard invalidation line. Not a vague “watch this area.” A specific level that, if it prints, means the thesis is dead and you stand down.
Scenarios
Playbooks for the base case and both breakout directions, written before the open so you’re not improvising when the tape moves. Deciding what to do while a position is running is how accounts get hurt.
On the Calendar
The scheduled event risk that can override every level above, with an honest assessment of whether it actually matters or is just noise on the wire.
Get It Before the Bell
Delivered to your inbox every trading morning. No cost, no upsell.
Recent Reads
- QQQ 0DTE GEX Read — September 24, 2026QQQ is 734.64 pre-open, down 0.89% and sitting 64 cents above the 734 put wall, 2.56 under zero gamma at 737.20, after yesterday’s downside path ran every target to a 738.19 low. The book has flipped to –$1.7B net gamma on $4.0B total, and the risk is a loss of 734 and the 732.54 VAL with yields, oil and a 6% SOXL drop all pressing on tech.
- QQQ 0DTE GEX Read — September 23, 2026QQQ is 745.58 pre-open, 28 cents under zero gamma at 745.86 after an overnight push to 749.05 cleared the old 748.65 year high and failed. The $4.7B book sits nearly balanced between a 752 call wall and a 743 put wall, and the risk is a loss of 744.60 value pushing price into the 739–743 put block with semis already down 1–3.5%.
- QQQ 0DTE GEX Read — September 22, 2026QQQ is 740.88 pre-open, 1.73 above zero gamma at 739.15 after a 20-point Monday that ran straight through the 735 call wall, with the 748 call wall now a strong magnet parked 65 cents under the 748.65 year high. The book rebuilt from $1.3B to $5.6B and flipped back net long, and the risk is a loss of the 738.68–739.15 shelf putting price in short gamma with semis already leading lower.
- QQQ 0DTE GEX Read — September 21, 2026QQQ is 728.06 pre-open, up 6.61 on a Trump–Xi summit bid and 6.94 under a 735 call wall with almost no gamma in between, while zero gamma sits 20 points down at 707.90. The post-expiry book collapsed from $11.8B to $1.3B and flipped net short, and the risk is a thin book letting price travel either way — with the 715 put wall the strong magnet if 725.68 value fails.
- QQQ 0DTE GEX Read — September 18, 2026QQQ is 718.14 pre-open on quad-witching Friday, 1.53 above zero gamma at 716.61 and 1.86 under a 720 call wall rated a strong magnet, with overnight value stacked above price from 719.01 to 721.60. The book quadrupled to $11.8B on expiry, and the risk is a loss of the 716.38–716.92 cluster turning that size into acceleration through a dense put block below.
- QQQ 0DTE GEX Read — September 17, 2026QQQ is 716.21 pre-open, up 11.49 the morning after a Fed hike, sitting 34 cents above zero gamma at 715.87 and 79 cents under a 717 call wall that is also the strong magnet — the flip is the line, and it is almost exactly at price. Net GEX nearly tripled to +$953.9M on a $2.8B book, and the risk is an overnight gap of more than two implied moves with thin gamma between the flip and the 704.72 close if the open loses 715.87.
- QQQ 0DTE GEX Read — September 16, 2026QQQ is 708.01 pre-open, up 3.47 on a hot retail sales print and back above zero gamma at 704.16, with the 712 call wall 3.99 points overhead — the flip is the line into a 2:00 p.m. ET FOMC decision the calendar prints as a hike. The book shrank to $2.9B but flipped net long gamma at +$356.9M, and the risk is a pinned morning while 0DTE vol at 34.59 percent prices a 2:00 p.m. move the pin was never built to hold.
- QQQ 0DTE GEX Read — September 15, 2026QQQ is 709.11 pre-open, dead flat against Monday’s 709.18 close and pinned to the 709.15 value area high, with zero gamma reachable 3.44 points overhead at 712.55 and the 705 put wall 4.11 points below — the flip is the line today. The book rebuilt nearly fivefold to $4.1B on 348,557 contracts but rebuilt put-heavy, 250,522 puts against 98,035 calls, and the risk is that front-end vol is being sold into an FOMC decision the calendar repriced overnight from a hold to a hike, while a flat index hides SOXL up 3.21 percent against megacap giving it back.
- QQQ 0DTE GEX Read — September 14, 2026QQQ is 702.70 pre-open, 12.18 points under Friday’s 714.88 close, with zero gamma unreachable at 711.05 and the 700 put wall only 2.70 points below — the decisive level today is 700, not the flip. The 0DTE book is $845.4M on 129,921 contracts, fifteen percent of Friday’s $5.6B, and price is below zero gamma, so the risk is that a thin book plus dealer amplification makes the 700-to-711 band frictionless in whichever direction the first thirty minutes chooses.
- QQQ 0DTE GEX Read — September 11, 2026UPDATED 9:05 a.m. ET — the upside path fired before the bell. QQQ is 717.58, through both the 716.08 flip and the 717 call wall; net gamma flipped from −$1.1B to +$1.2B, the call/put ratio from 0.48 to 1.55, total GEX nearly doubled to $5.6B on 636,487 contracts, and the call wall migrated three points up to 720, which is now the strong magnet. Zero gamma barely moved at 716.01 but price is above it, so it is support now rather than resistance — and the volatility signal inverted from buy-vol to sell-vol.
- QQQ 0DTE GEX Read — September 10, 2026UPDATED 1:15 p.m. ET — the 703 put wall never traded. QQQ broke 707.25, ran to 706.50 and reversed; during cash the book more than doubled to $2.9B and 227,301 contracts, the put wall migrated seven points up to 710, net gamma went from −$20.9M to −$1.3B, and the 30-year auction stopped through by 2.7bp with primary dealers taking just 2.21%. The line is 710 now, and price is pinned to it.
- QQQ 0DTE GEX Read — September 9, 2026QQQ is 714.99 after an overnight break of 717.90 zero gamma that ran to 713.50, and it is now resting on a 714 put wall that is also the strong magnet, with net gamma at −$950.9M and zero gamma reset overhead to 718.03. The book doubled to $2.8B and rebuilt almost entirely on the put side — 179,512 put contracts against 84,787 calls — with Brent through $100, PPI Thursday and CPI Friday.
- QQQ 0DTE GEX Read — September 8, 2026QQQ is 721.08 and sitting exactly on a call wall that reset four points lower to 721, while net gamma flipped negative to −$60.9M and the book collapsed 78% from Friday’s $6.5B to $1.4B. Zero gamma is 717.90, the magnet is 710, and semis are carrying the index while AAPL, MSFT and AMZN are all offered.
- QQQ 0DTE GEX Read — September 4, 2026QQQ ran to 722.06 overnight and gave it back on a 162k payroll print against a 55k forecast. Spot 717.50 sits 83 cents above zero gamma with the value-area low, premarket low and put wall stacked in between, the book doubled to $6.5B, and Monday is closed for Labor Day.
- QQQ 0DTE GEX Read — September 3, 2026Iran struck Kuwait, Jordan and Bahrain, crude is near $90, and the 10-year hit its highest since November 2023. ADP printed 38k. The book cleared to $1.0B and the magnet sits at 710, above spot.
New to Gamma Exposure?
If the terms above are unfamiliar, start with the fundamentals — the read will be far more useful once you understand what’s actually driving these levels.
- Start Here — the full 0DTE Hunter training path, in order
- The Pre-Trade Checklist — run this before every entry
Levels are derived from aggregate options open interest at the prior close and shift as positioning changes intraday. They’re a map, not a guarantee. Everything published here is educational only and is not investment advice — see the Disclaimer.
Hunt the Day. Own the Trade.
