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DealerPositioning

The live hedging-pressure cockpit: net GEX, walls and corridor, flip and regime, pin conviction, concentration and the hedge ladder — every minute through the session.

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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.

How to read it

  • Live feed — levels update every minute through the session and the price every 15 seconds. The timeline 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.
  • Pin conviction — which strike is pulling price, scored 0–100 and read as forming, weak, stable or locked. A locked pin has held the lead for half an hour with a clear margin over the runner-up.
  • Packed or spread out — how concentrated the gamma is. Packed means a few strikes carry it and the levels are sharp; spread out means soft levels — use zones.
  • 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 flip — the spot level where net gamma changes sign. Above it dealers dampen moves; below it they amplify — crossing the flip is a regime change, not just another level.
  • IV shock and time sliders — 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.
  • 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

Gamma exposure (GEX) estimates the option-hedging pressure concentrated at each strike. OIData computes a net GEX profile from open interest and option greeks for NIFTY, BANKNIFTY, SENSEX and the other indices, expressed in ₹ crore per 1% index move. It is an approximation built from OI — not a view into actual dealer books.

The Call Wall is the strike carrying the largest call-side gamma concentration and often behaves as resistance; the Put Wall is the largest put-side concentration and often behaves as support. Together they form the corridor, and OIData reads their width against a normal day's expected move.

The Gamma Flip is the index level where net gamma exposure crosses zero. Above it, hedging flows tend to dampen intraday moves; below it, the same flows can amplify them. OIData recomputes the flip level every minute through the session and shows how it moved on the timeline.

A 0–100 score for how strongly one strike is pulling price: how much of the hedging pressure it carries, its lead over the runner-up, how close spot sits to it and how long it has held. The state reads it for you — forming, weak, stable or locked — and the page keeps an honest tally of how often a pin read at 15:00 held into the close.

Whether the gamma sits in a few strikes (packed — sharp levels worth trading) or across many (spread out — soft levels, use zones). It is the HHI concentration index of the per-strike gamma, ranked against the index's own past sessions.

The standard convention assumes dealers are long calls and short puts, which is a US-market stylised fact. OIData shows the naive convention and a participant-signed variant computed from NSE's participant-wise open interest, so you can compare an assumption-free read.

Learn how to read it

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