?How shock absorbers work When dealer net GEX is positive (long gamma), they sold options and hedge by buying dips / selling rips — damping moves. When negative (short gamma), hedging requires buying rallies and selling dips — amplifying moves.
Net GEX today: 11.8B (40th pctile since 2026-06-15).
Model estimate only — actual dealer books are unobservable. Reconstructed from the SPX options chain.缓冲机制原理 当做市商净GEX为正（多伽马）时，他们卖出期权，通过逢低买/逢高卖对冲——抑制波动。当GEX为负（空伽马）时，对冲需要追涨杀跌——放大波动。
当前净GEX：11.8B（自2026-06-15以来40百分位）。
仅为模型估算——做市商实际账簿不可观测，由标普500指数期权链重建。
No chain reading for 3 recent sessions (2026-08-14, 2026-09-01, 2026-09-02) — the options chain is a live snapshot, so a session we miss cannot be filled in later. Everything above skips those days.近期有 3 个交易日无期权链读数（2026-08-14、2026-09-01、2026-09-02）— 期权链为实时快照，当日未采集便无法补录。以上所有读数均跳过这些日期。
GEX series fromGEX数据自 2026-06-15
· as of截至 2026-09-11
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Dealer exposure history做市商敞口历史
?Net GEX bars (green = absorbing, red = amplifying). Grey/blue line: SPX vs daily gamma flip. Toggle the time window. Series from 2026-06-15.净GEX柱状图（绿=吸收，红=放大）。灰/蓝线：标普500 vs 每日翻转点。可切换时间窗口。数据自2026-06-15起。
GEX bars coloured by dealer regime · SPX line vs gamma flip (amber dashed)GEX柱图按做市商制度着色 · 标普500线 vs 伽马翻转点（琥珀色虚线） · series from数据自 2026-06-15
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Machine money flows机器资金动向
model estimate模型估算?What these are Volatility-control funds (VC): target ~300.0B AUM; hold SPX at fraction min(1, 10% / max(RV21,RV63)). Pure price arithmetic — full backcast.
Representative model estimates of mechanical fund behavior — NOT audited positions or actual AUM data.说明 波动率控制基金（VC）：目标规模约3000亿美元；持仓比例 min(1, 10%/max(RV21,RV63))，纯价格计算，可全程回测。
Vol-target fund exposure ($B) vs S&P 500 — toggle above to change window波动率目标基金敞口（十亿美元）vs 标普500 — 切换上方按钮调整窗口
Blue line = vol-target fund exposure · grey line = S&P 500 · model estimates, not audited fund data蓝线=波动率目标基金敞口 · 灰线=标普500 · 模型估算，非审计基金数据
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Stock-picker conditions选股行情
?What this measures Implied correlation (COR1M): average pairwise correlation implied by SPX options vs single-stock options. Low = stocks moving on their own stories (stock-picker's market). High = one-market tape (macro dominates). Series from 2006. DSPX: CBOE dispersion index.指标说明 隐含相关性（COR1M）：标普指数期权与个股期权隐含的平均两两相关系数。低值=个股独立走势（选股行情）；高值=一体化走势（宏观主导）。数据自2006年。DSPX：CBOE离散度指数。
Normal正常
Normal correlation — mix of macro and stock-specific moves正常相关性 — 宏观与个股因素交织
11.18implied correlation (1M)隐含相关性（1个月）
-1.80vs 1 year ago较一年前
36thpercentile (2-year)百分位（2年）
11.213-month corr3个月相关性
30.6CBOE dispersionCBOE离散度
COR1M area chart — dashed line = the dispersion threshold, the 20th percentile of the last two years · source: CBOE, series from 2006COR1M面积图 — 虚线=离散阈值，即近两年第20百分位 · 来源：CBOE，数据自2006年起
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Vol weather波动率天气
?RV21: 1-month realized vol. RV63: 3-month. When RV21 > RV63, fast vol above slow baseline = "stress building". VIX curve slope = M6 − M1 (positive = contango; negative = backwardation/stress). The whole-market vol read lives in the Options workspace's console — this panel is context only.RV21：1个月已实现波动率。RV63：3个月版本。RV21>RV63时，短期超长期=压力积累。VIX曲线斜率=M6−M1（正值=期货升水；负值=现货升水/压力）。整体波动率读数在期权工作台的控制台，本面板仅为参考。
Young curve feed — limited history from曲线数据较新，自 2026-04-16
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Weekly range本周区间
?Where the week could reasonably land, measured from Friday's close and the volatility priced in at that close. ±1σ covers about 68% of outcomes, ±2σ about 95% — if vol behaves as priced. Gamma flip line: where the dealer regime changes. Locked at Friday's close, fixed through the week, resets each weekend. A model estimate, not a forecast or a boundary the market must respect.从周五收盘价及当时定价的波动率推算，本周价格可能落在的区间。±1σ约覆盖68%的情形，±2σ约95% — 前提是波动率按定价兑现。伽马翻转线：做市商机制变化位置。周五收盘锁定，本周内保持不变，每周末重置。这是模型估算，既非预测，也非市场必须遵守的边界。
Locked Friday close锁定周五收盘价
7657.0
±1.74%weekly implied move隐含周度涨跌幅
Locked锁定于 2026-09-11 · covers覆盖 2026-09-14→2026-09-18 · held through week持有至本周
7390752477907924Flip翻转7641Spot现价7657
7524 – 7790±1σ range (68%)±1σ区间（68%）
7390 – 7924±2σ range (95%)±2σ区间（95%）
7641gamma flip伽马翻转位
Model estimate. Locked at Friday's close and held through the week; resets each weekend. Width comes from SPX 30-day implied volatility rescaled to five trading days, which assumes vol is priced the same at one week as at one month.模型估算。于周五收盘锁定并持有至本周末，每周末重置。区间宽度由标普500 30天隐含波动率折算至5个交易日，前提是一周与一个月的波动率定价相同。
Context for expectations and sizing — not buy or sell signals. Machine-flow figures are model estimates, not audited fund positions: the dollar amounts are arithmetic on one stylised $300B pool run at a 10% volatility target, so read them as scale and direction, not as money that actually moved. Shock-absorber series from 2026-06-15; correlation series from 2006.仅供把握市场环境与仓位预期 — 并非买卖信号。机器资金数据为模型估算，非审计持仓：其中的美元金额是按单一模型化的3000亿美元资金池、10%波动率目标推算而来，应视为量级与方向的参考，而非真实成交的资金。缓冲机制数据自2026-06-15起，相关性数据自2006年起。
· Built构建于 2026-09-14