What is gamma exposure?
Gamma exposure is an estimate of how much of the underlying option writers would need to buy or sell to stay hedged as price moves. It multiplies each strike's gamma by the open interest sitting there, scaled so the answer reads as rupees per one per cent move. A large total means hedging flow is large relative to the move that triggers it.
What is the gamma flip level?
The gamma flip, also called the zero-gamma level, is the price at which the measured net gamma exposure would change sign. Above it the book is measured as net positive and hedging leans against each move; below it the book is net negative and hedging leans with it. This page finds it by recomputing gamma at candidate levels rather than by interpolating the strike profile, because the two methods can disagree by thousands of points on the same tape.
What are the call and put gamma walls?
The call gamma wall is the strike above spot carrying the most call-side gamma, and the put gamma wall the strike below spot carrying the most put-side gamma. They are weighted by gamma rather than by contracts, so they can sit on a different strike from the heaviest open-interest strike shown on the Open Interest page — gamma decays with distance from spot, and the two measures answer different questions.
Is gamma exposure reliable for NIFTY and BANKNIFTY?
It is weaker here than the American research it comes from. That work assumes dealers are long calls and short puts, which follows from United States customers buying protective puts and writing calls. Indian participant data does not show a stable book of that shape, and index options here are cash settled with heavy expiry-day volume. The absolute gamma reading, which does not assume who holds what, is the part that survives if the convention does not hold.
Where does this data come from?
Open interest and traded premium come from the same session snapshots the rest of this site uses. Gamma is not taken from the feed: it is recomputed per strike from a volatility solved off the traded price, because a strike's call and put must share one gamma and vendor-reported values here do not always agree. Readings are suppressed rather than estimated once a series has settled.
Is the data on Sahi live or delayed?
Quotes stream live from the exchange feed during market hours through a WebSocket connection, so open interest, premium and Greeks update continuously rather than on a fixed refresh. If the live feed goes quiet the terminal falls back to periodic snapshot polling automatically. Outside market hours the last completed session is shown.
