Each bar = dealer's net gamma at that strike (negative = dealers short calls or long puts). Spot at $5,621 sits between the $5,500 put wall (downside support) and $5,650 call wall (upside resistance). Expect price-action to compress into this band until/unless a catalyst pushes through.
Vanna = ∂Δ/∂σ. When IV drops, dealers' delta hedge needs to shift. Negative vanna means a vol crush triggers dealer buying (supportive). Currently -$1.84B vanna — VIX crush would create mechanical buy flow.
Charm = ∂Δ/∂t. As time passes, delta decays toward 0 (OTM) or ±1 (ITM). Heavy charm flow into OPEX week creates predictable hedging — particularly into Friday close. Watch for monthly OPEX pinning at $5,600 Friday.
How to read: Periods of negative GEX (gray fill below zero) correspond to higher realized volatility — short-gamma regime where dealers amplify moves. Positive GEX correlates with quiet, melt-up grinds. Today: comfortably long gamma — fade extreme moves.