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SpotGamma’s Substack

SpotGamma

Stock insights sourced from options flows

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Substack
PricingOnly free issuesPublishesWeekly
Issues42SubscribersRead spotgamma.substack.com

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Latest Issues

Recent posts by this newsletter. Browse the email archive.

The New Volatility Regime

Over the past several weeks, we have consistently highlighted the market’s growing fragility. From the negative gamma “trapdoor” to the destabilizing impact of geopolitical shocks, the message has been clear: this is no longer a range-bound...

11 days ago
25
0

After OPEX: Market Loses Its Shock Absorber

The options market has just cleared one of the largest structural events of the quarter, as Friday’s OPEX saw nearly $1.4 trillion in delta notional expire for the S&P 500. Because significant positions have now rolled off from the March ex...

18 days ago
25
1

March OPEX: Tipping Point or Turning Point?

As the S&P 500 enters OPEX week, we echo the same theme of the past few weeks: this market remains fragile. Last week’s selloff pushed the index below the three-month trading range of SPX 6,800-7,000 that had held since late 2025, subsequen...

25 days ago
38
1

Geopolitical Risk Hits a Fragile Market

Markets entered last week on fragile footing. In our previous Sunday note, we emphasized how negative dealer gamma, extreme put skew, and heavy 0DTE options activity set the market up for a trapdoor scenario. This created a market structure...

a month ago
18
1

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  • SpotGamma

    How Options Flows Drive Stocks

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