Trade Guidance Daily 0DTE outlook
TRADEGUIDANCE
Daily 0DTE Outlook
Monday, November 2, 2026 · Premarket gamma map · 9:23 a.m. ET
| Today in one line: All three index maps are in positive gamma after Friday's selloff, so dealer hedging favors rotation over trend. SPX is the fragile one, just 5 points above its flip. |
SPX / ES
| Level | SPX | /ES equivalent |
|---|---|---|
| Regime | Positive gamma | Net GEX +$1.49B per 1% move |
| Call wall | 7,650 | ~7,684 |
| Gamma flip | 7,617 | ~7,651 |
| Largest gamma strike (magnet) | 7,660 | ~7,694 |
| Put wall | 7,600 | ~7,634 |
| ATM straddle (expected move) | 36.5 pts | ~0.48% of spot |
| Put/Call open interest | 348,219 puts / 154,660 calls | P/C 2.25 |
| Scorecard band | /ES | SPX |
|---|---|---|
| Upside expansion above | 7,709+ | 7,675 |
| Central compression | 7,679 - 7,704 | 7,645 - 7,670 |
| Outer compression | 7,634 - 7,704 | 7,600 - 7,670 |
| Downside expansion below | 7,609- | 7,575 |
| Model pin / expected close | 7,694 / 7,691 | 7,660 / 7,657 |
| Trend-day odds (heuristic) | 50% |
How to read it
At 9:23 a.m. ET, /ES traded at 7,655.50 (implied SPX about 7,622), only 5 SPX points above the 7,617 gamma flip. The map reads positive gamma (net +$1.49B per 1% move), but the report flags the label as fragile this close to the flip. The 7,600 put wall (about /ES 7,634) is 22 points below, the 7,650 call wall (about /ES 7,684) 28 points above, and the largest gamma strike is 7,660 (about /ES 7,694). The straddle prices about 36.5 points (0.48%).
The /ES futures-options map is also positive (+$2.17B), with a 7,660 call wall, a 7,650 put wall and the flip at 7,623 in /ES terms. Trend-day odds are 50%, the highest of the three, because price is at the flip and outside the central band (SPX 7,645–7,670). The model's expected close (SPX 7,657, /ES 7,691) sits near the playbook's ES long target of 7,683.25 and R2 at 7,679.75.
Grid check: the ES resistance grid (7,766.25–7,771.00) sits about 72 points above the /ES 7,694 pin and beyond the call wall, so it is out of play unless /ES clears the 7,709 upside-expansion line.
NDX / NQ
| Level | NDX | /NQ equivalent |
|---|---|---|
| Regime | Positive gamma | Net GEX +$113.89M per 1% move |
| Call wall | 28,725 | ~28,874 |
| Gamma flip | 28,518 | ~28,667 |
| Largest gamma strike (magnet) | 28,520 | ~28,669 |
| Put wall | 28,000 | ~28,149 |
| ATM straddle (expected move) | 423.9 pts | ~1.48% of spot |
| Put/Call open interest | 3,634 puts / 2,968 calls | P/C 1.22 |
| Scorecard band | /NQ | NDX |
|---|---|---|
| Upside expansion above | 28,879+ | 28,730 |
| Central compression | 27,949 - 28,874 | 27,800 - 28,725 |
| Outer compression | 27,949 - 28,874 | 27,800 - 28,725 |
| Downside expansion below | 27,899- | 27,750 |
| Model pin / expected close | 28,669 / 28,742 | 28,520 / 28,593 |
| Trend-day odds (heuristic) | 15% |
How to read it
/NQ traded at 28,755.25 (implied NDX about 28,606), 88 NDX points above the 28,518 flip in positive gamma (net +$113.89M per 1% move). The flip and the largest gamma strike nearly coincide (28,520, about /NQ 28,669), which makes that zone the morning's magnet. The 28,725 call wall (about /NQ 28,874) is 119 points above, and the 28,000 put wall (about /NQ 28,149) is far below.
Trend-day odds are 15%, the lowest of the three, and the central and outer compression bands are identical (NDX 27,800–28,725), so the call wall is the effective ceiling. The straddle is about 423.9 points (1.48%). The playbook NQ long targets 28,973.00, above both the call wall and R2 at 28,891.50, so it needs a push through the /NQ 28,879 upside-expansion line.
Grid check: the NQ resistance grid (29,440.50–29,769.00) starts about 566 points above the /NQ call wall near 28,874, far outside today's gamma range.
RUT / RTY
| Level | RUT | /RTY equivalent |
|---|---|---|
| Regime | Positive gamma | Net GEX +$69.98M per 1% move |
| Call wall | 2,845 | ~2,854 |
| Gamma flip | 2,817 | ~2,826 |
| Largest gamma strike (magnet) | 2,855 | ~2,864 |
| Put wall | 2,830 | ~2,839 |
| ATM straddle (expected move) | 20.1 pts | ~0.71% of spot |
| Put/Call open interest | 4,275 puts / 2,583 calls | P/C 1.66 |
| Scorecard band | /RTY | RUT |
|---|---|---|
| Upside expansion above | 2,879+ | 2,870 |
| Central compression | 2,854 - 2,869 | 2,845 - 2,860 |
| Outer compression | 2,839 - 2,869 | 2,830 - 2,860 |
| Downside expansion below | 2,824- | 2,815 |
| Model pin / expected close | 2,864 / 2,860 | 2,855 / 2,851 |
| Trend-day odds (heuristic) | 40% |
How to read it
/RTY traded at 2,843.00 (implied RUT about 2,834), 17 points above the 2,817 flip in positive gamma (net +$69.98M per 1% move). The walls are tight: the 2,830 put wall (about /RTY 2,839) is 4 points below and the 2,845 call wall (about /RTY 2,854) 11 points above, with the 2,855 magnet (about /RTY 2,864) just beyond.
Trend-day odds are 40% because price sits outside the central band (RUT 2,845–2,860) and the 20.1-point straddle is wider than half the wall range. The playbook RTY long target of 2,850.1 is only 7.1 points above price and below the /RTY call wall. Early track record: both scored RUT days closed inside both bands.
Grid check: the RTY resistance grid (2,847.9–2,862.1) overlaps the /RTY call wall near 2,854, R2 at 2,854.0 and the central compression band (/RTY 2,854–2,869). This is where the grid and the gamma map agree.
Disclaimer
All investments involve risk. Futures and options trading specifically involve risk; know your financial tolerance before making any trade decision, as you could lose your principal and more. All references in this communication are for educational and guidance purposes only. Trade ideas are derived using technical analysis tools and market-generated information. Use these levels and directions to gauge the possible range of markets, keeping in mind that news and participant sentiment always move price during the session.
0DTE gamma figures are model output built from Schwab option chains using public-style dealer assumptions (calls +, puts −) and prior-session open interest. They are not a measurement of actual dealer positioning. Confirm levels on your own platform before using them. Any action you take using these ideas is your own responsibility.