{"slug":"what-is-the-gamma-flip","qid":"net_gamma_ladder","label":"net_gamma_ladder","post_title":"what-is-the-gamma-flip","post_url":"/blog/what-is-the-gamma-flip#q-net_gamma_ladder","columns":["strike","strike_gamma_musd","running_gamma_musd"],"rows":[{"strike":"705","strike_gamma_musd":42.4,"running_gamma_musd":42.4},{"strike":"710","strike_gamma_musd":130.8,"running_gamma_musd":173.2},{"strike":"715","strike_gamma_musd":41,"running_gamma_musd":214.2},{"strike":"720","strike_gamma_musd":99.8,"running_gamma_musd":314},{"strike":"725","strike_gamma_musd":200.1,"running_gamma_musd":514.1},{"strike":"730","strike_gamma_musd":253.4,"running_gamma_musd":767.5},{"strike":"735","strike_gamma_musd":442.2,"running_gamma_musd":1209.7},{"strike":"740","strike_gamma_musd":1162.1,"running_gamma_musd":2371.8},{"strike":"745","strike_gamma_musd":1536.8,"running_gamma_musd":3908.6},{"strike":"750","strike_gamma_musd":-4878.8,"running_gamma_musd":-970.2},{"strike":"755","strike_gamma_musd":-881.6,"running_gamma_musd":-1851.8},{"strike":"760","strike_gamma_musd":-395.7,"running_gamma_musd":-2247.5},{"strike":"765","strike_gamma_musd":-115.3,"running_gamma_musd":-2362.8},{"strike":"770","strike_gamma_musd":-43.8,"running_gamma_musd":-2406.6},{"strike":"775","strike_gamma_musd":-26.8,"running_gamma_musd":-2433.4},{"strike":"780","strike_gamma_musd":-14,"running_gamma_musd":-2447.4},{"strike":"785","strike_gamma_musd":-5.6,"running_gamma_musd":-2453},{"strike":"790","strike_gamma_musd":-2.5,"running_gamma_musd":-2455.5}],"shape":"ranking","sql":"SELECT\n    strike,\n    strike_gamma_musd,\n    round(sum(strike_gamma_musd) OVER (ORDER BY strike_num), 1) AS running_gamma_musd\nFROM\n(\n    SELECT\n        toInt32(strike_price)           AS strike_num,\n        toString(toInt32(strike_price)) AS strike,\n        round(sum(multiIf(lower(substring(option_type, 1, 1)) = 'c', -1.0, 1.0)\n                  * toFloat64(gamma) * volume * 100\n                  * pow(toFloat64(underlying_close), 2) * 0.01) / 1e6, 1) AS strike_gamma_musd\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND date = (\n            SELECT max(date)\n            FROM global_markets.options_greeks\n            WHERE underlying_symbol = 'SPY'\n              AND date <= '2026-06-30'\n          )\n      AND iv_converged = 1\n      AND volume > 0\n      AND days_to_expiry <= 45\n      AND modulo(toInt32(strike_price), 5) = 0\n      AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.06\n    GROUP BY strike_price\n)\nORDER BY strike_num","computed_at":"2026-09-23T14:41:23.513807+00:00","elapsed":0.003788113}