Your browser has 3D disabled or reduced motion enabled. This animation looks inside the dealer's book: call gamma stacked at each strike on one side, put gamma on the other, the biggest stacks forming the walls — and hedge flow pushing price back in positive gamma, then chasing it lower after the flip.
This is what dealers are holding. At each strike: call gamma stacks right (green), put gamma stacks left (red). The biggest stacks are the walls — the strikes where hedging will hit hardest. The candles are price.
Positive gamma: watch the green candles climb into the call wall — and get rejected. Dealers sell into the rally there (the wall glows as they defend it), and the candles turn red and roll back. At the put wall the mirror happens: dealers buy the dip. Price gets pinned. That's a range day, mechanically.
The moment the rally fails, watch the book react: the put stacks swing across the spine to the price side and start growing beneath the falling candles, while the call stacks drain — and Net GEX bleeds toward zero on the readout. The dealers are building the floor the market is about to land on.
Net gamma crosses zero and the machine reverses: price falls and dealers sell into the weakness — the flow pushes with the move, DEX plunges, and the candles run downhill until they land on the biggest put-wall bar: support. Same book, opposite physics.
Dark Horse reads the dealer's book and draws the walls, flip, GEX and DEX on the charts you already trade — updated live all session.
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