Dealer Positioning

What Dealer Positioning shows

The live hedging-pressure cockpit for NIFTY, BANKNIFTY, SENSEX and the other indices — and for any F&O stock you open. Option dealers who carry the other side of the market's trades must hedge as spot moves, and their aggregate gamma decides how those hedges behave: dampening moves when dealers are long gamma, amplifying them when they are short. This page lays that out and keeps it moving through the session: net GEX, the call and put walls and the corridor between them, the gamma flip and regime, which strike is pinning price and how convinced the book is, how packed the gamma is, and the futures the desk must trade at each price step — plus an India-native variant signed from NSE participant data instead of the US convention.

Watch the tutorial

Dealer Positioning, section by section, in a 6-minute video, also in Hindi, Tamil, Telugu, Kannada and Malayalam.

6:03

How to read it

• Pick what to read — Index or Stock, the symbol and the expiry (the front one is live); the strip under the controls sums it up — spot, the regime, net GEX, the pin, the flip with the floor and ceiling, and chips for the corridor, how packed the gamma is and the hours to expiry.
• Live feed — levels update every minute through the session and the price every 15 seconds. The session timeline draws net GEX, spot, the pin strike and the walls one point per minute and grows as the day goes on; click any minute to replay the cockpit at that time.
• Net GEX and regime — summed dealer gamma across strikes. Positive means hedging leans against the market (calmer tape); negative means hedging chases it (faster tape).
• Corridor — the put wall is the floor, the call wall the ceiling. The page reads the width against a normal day's expected move and shows every level's distance in points and in sigma, with a pin-risk meter for the structure and the top gamma strikes.
• Pin conviction — which strike is pulling price, scored 0–100 with its top five candidates, and read as no pin, shifting (the heaviest strike keeps changing), forming, weak, stable or locked. A locked pin has held the lead for half an hour with a clear margin over the runner-up. The line underneath counts how often a pin read at 15:00 held into the close.
• Packed or spread out — how concentrated the gamma is (HHI), against yesterday and against the index's own history. Packed means a few strikes carry it and the levels are sharp; spread out means soft levels — use zones.
• The whole desk at a glance — one radar of gamma, vanna (the hedge's sensitivity to volatility), charm (its sensitivity to time), the IV term slope — each ranked 0–10 against this index's own sessions — and pin conviction.
• Hedge ladder — the futures the desk must buy or sell if spot moves to each price step, re-priced strike by strike. Jumps mark where a cluster of strikes changes hands.
• Gamma exposure by strike — the gamma map per strike: Net, Call / Put side by side, or switched to delta (DEX), vanna or charm.
• IV shock and time sliders — under the map: re-price the profile for an IV crush or spike (before an event) and for time passing (into expiry) without waiting for the market to do it; Reset puts them back.
• Gamma flip — the spot level where net gamma changes sign — where the Net GEX vs Spot curve crosses zero. Above it dealers dampen moves; below it they amplify — crossing the flip is a regime change, not just another level.
• Where the book moved today — the open interest added or unwound at each strike since the open, calls and puts, or the same through the day — where the new positions went.
• Intraday flow reads — plain-language reads of the five-minute open-interest changes — the largest fresh additions, support or resistance migrating — with a chip per strike saying what its open-interest change looks like and by how much. Intraday open interest runs behind the exchange's official end-of-day figures, so these are provisional until the evening.
• The regime, day by day — net dealer gamma at each close as a river crossing zero — green dampens, red amplifies — with the index close as a thin line, over the last few dozen sessions.
• Scenario matrix — net GEX, the walls, the pin and the flip re-priced for spot 1 or 2% either way, IV 3 points up or down, and one day later — with open interest held fixed, so it shows where the mechanical levels sit if nobody repositions.
• Gamma expiration calendar — each listed expiry's share of the gamma and of the open interest; the front expiry usually dominates, and its share collapsing into expiry is the re-hedging to plan around.
• Exposures — call and put GEX, the gamma put-call ratio, net delta (DEX), vanna per 1% of IV and charm per day — the totals behind the charts.
• Participant-signed GEX — the classic GEX sign convention assumes US-style dealer books. The India-native variant signs exposure from NSE's participant-wise open interest, so the sign comes from data rather than assumption.

Frequently asked questions