Start with the regime: Zero Gamma and two models that contradict each other (capture 3)

Before reading a single level, you need to know which regime the session is in: a market that returns to its levels or a market that runs. The reflex is to check where price sits relative to Zero Gamma. On November 3, that reflex gives one answer, and the market makers' net GEX gives another. This lesson shows how to read both on the SPX options chart converted to ES, on 1 minute, at 4:48 pm, and why price behavior settles it when they contradict each other. According to the classic model, the market went from a negative gamma regime the day before to a positive regime that day: Zero Gamma dropped from 7,645 to 7,650 down to about 7,585, and price is above it.