{"slug":"what-is-the-gamma-flip","qid":"flip_series","label":"flip_series","post_title":"what-is-the-gamma-flip","post_url":"/blog/what-is-the-gamma-flip#q-flip_series","columns":["date","session_label","spot_close","flip_estimate"],"rows":[{"date":"2026-06-01","session_label":"Jun 1","spot_close":756.58,"flip_estimate":757},{"date":"2026-06-02","session_label":"Jun 2","spot_close":759.63,"flip_estimate":759},{"date":"2026-06-03","session_label":"Jun 3","spot_close":750.55,"flip_estimate":753},{"date":"2026-06-04","session_label":"Jun 4","spot_close":754.56,"flip_estimate":756},{"date":"2026-06-05","session_label":"Jun 5","spot_close":735.36,"flip_estimate":742.5},{"date":"2026-06-08","session_label":"Jun 8","spot_close":738.72,"flip_estimate":742.5},{"date":"2026-06-09","session_label":"Jun 9","spot_close":735.7,"flip_estimate":735},{"date":"2026-06-10","session_label":"Jun 10","spot_close":722.88,"flip_estimate":729},{"date":"2026-06-11","session_label":"Jun 11","spot_close":739.48,"flip_estimate":730},{"date":"2026-06-12","session_label":"Jun 12","spot_close":742.45,"flip_estimate":740},{"date":"2026-06-15","session_label":"Jun 15","spot_close":753.91,"flip_estimate":754},{"date":"2026-06-16","session_label":"Jun 16","spot_close":750.75,"flip_estimate":751},{"date":"2026-06-17","session_label":"Jun 17","spot_close":745.6,"flip_estimate":744},{"date":"2026-06-18","session_label":"Jun 18","spot_close":746.94,"flip_estimate":746},{"date":"2026-06-22","session_label":"Jun 22","spot_close":743.67,"flip_estimate":745},{"date":"2026-06-23","session_label":"Jun 23","spot_close":735.02,"flip_estimate":734},{"date":"2026-06-24","session_label":"Jun 24","spot_close":737.2,"flip_estimate":732},{"date":"2026-06-25","session_label":"Jun 25","spot_close":732.7,"flip_estimate":735},{"date":"2026-06-26","session_label":"Jun 26","spot_close":731.2,"flip_estimate":733},{"date":"2026-06-29","session_label":"Jun 29","spot_close":740.76,"flip_estimate":739},{"date":"2026-06-30","session_label":"Jun 30","spot_close":746.3,"flip_estimate":746}],"shape":"series","sql":"SELECT\n    toString(d)                       AS date,\n    formatDateTime(d, '%b %e')        AS session_label,\n    round(any(spot), 2)               AS spot_close,\n    round(argMax(strike, running), 2) AS flip_estimate\nFROM\n(\n    SELECT\n        d,\n        spot,\n        strike,\n        sum(net_gamma) OVER (PARTITION BY d ORDER BY strike) AS running\n    FROM\n    (\n        SELECT\n            date                              AS d,\n            toFloat64(strike_price)           AS strike,\n            any(toFloat64(underlying_close))  AS spot,\n            sum(multiIf(lower(substring(option_type, 1, 1)) = 'c', -1.0, 1.0)\n                * toFloat64(gamma) * volume * 100) AS net_gamma\n        FROM global_markets.options_greeks\n        WHERE underlying_symbol = 'SPY'\n          AND date BETWEEN '2026-06-01' AND '2026-06-30'\n          AND iv_converged = 1\n          AND volume > 0\n          AND days_to_expiry <= 45\n          AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.15\n        GROUP BY d, strike\n    )\n)\nGROUP BY d\nORDER BY d","computed_at":"2026-09-23T14:41:23.710051+00:00","elapsed":0.004723212}