βοΈSPX 0DTE Levels (Today)
PSA: We don't care if you are a day trader, swing trader, or position trader. Every trade begins as a day trade. You cannot willy-nilly enter the SPX with the hope that the trade will work; you need to understand the broad structure and enter when the conditions are favorable for the direction of your thesis (or lack of direction if you think we're stalled).
If you do not understand the structure when you open a trade, you have no edge as to whether the trade will work in your favor or against you.
GammaEdge's full commentary & analysis is provided in the discord
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Market Sentiment
- Delta Condition: ITM Puts (Above Spot) | ITM Calls (Below Spot)
- Gamma Condition: Put Dominated (-15k Net GEX)
Transition Zones (TZ)
- GEX: 5570/5575
- DEX: 5570/5575
- Drunken Sailor: 5555/5585
Key Levels
- Upside: +GEX at 5575| COI at 5665
- Downside: -GEX at 5555
Stay alert to intraday level changes using:
- Web App Dashboard
- $em command ($em spxp)
- $s command ($s spxp 0 0)
- $netstat ($netstat spxp)
Be cognizant of price in relation to transition zone. Are we above or below? Create your If/Then scenarios. As an example, if price moves through [x], then what? If price rejects [x], then what? You should have your game plan documented before the market opens! For there, you just need to execute.
Excerpt from our commentary within the discord:
Day over day, gamma conditions have flipped to put dominated.
The bottom of our transition zone is 5570 and the bottom of the Drunken Sailor Zone is 5555. As of 907am EST, SPX is implied to open at ~5000, which is well below both of the aforementioned levels.
If you look at the Call OI and Put OI columns of the Web App Dashboard around the implied open (5000), there is a significant imbalance of calls relative to puts. Because of this, we will need to see a continuation of new put speculation below us if we want to see this move lower sustained.
We can be best monitor this using our $vold and $volm commands, which are derived from intraday volume. We'll also want to see the Market Trend Model confirm any movement lower after the open.
Always remember that after we move through significant gamma, we risk the potential of unwinding gamma at a faster rate as time advances.
Remember to create your If/Then Statements. Then execute from there.