?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: -12.4B (21th pctile since 2026-06-14).
Model estimate only — actual dealer books are unobservable. 70/30 SPX/SPY blend reconstruction.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：-12.4B（自2026-06-14以来21百分位）。
仅为模型估算——做市商实际账簿不可观测，为SPX/SPY 70/30混合重建。
GEX series fromGEX数据自 2026-06-14
· as of截至 2026-07-17
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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 2026-06-14.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2026-06-14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 2026-06-14
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Machine money flows机器资金动向
?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）：目标约300.0亿美元规模；持仓比例 min(1, 10%/max(RV21,RV63))，纯价格计算，可全程回测。
Lighter than their 1-year norm (-0.4)仓位低于近一年常态（-0.4）
▼ 0.1 today今日▼ 0.3 over 5 days5日累计
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。
Dispersion离散
A stock-picker's market — stocks moving on their own stories选股行情 — 个股各自走势独立
6.38implied correlation (1M)隐含相关性（1个月）
-6.21vs 1 year ago较一年前
4thpercentile (2-year)百分位（2年）
8.933-month corr3个月相关性
46.9CBOE dispersionCBOE离散度
COR1M area chart — dashed line = dispersion threshold · source: CBOE, series from 2006COR1M面积图 — 虚线=离散阈值 · 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 gauntleted vol read lives on Options Desk (gex.html) — 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）。经验证的波动率读数在期权台（gex.html），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
?The range options paid for at Friday's close, held through the week. ±1σ = 68% of outcomes; ±2σ = 95%. Gamma flip line: where the dealer regime changes. Locked at Friday's close, fixed through the week, resets each weekend.周五收盘时期权定价的本周区间，持有至本周末。±1σ=68%概率；±2σ=95%。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。
Week map warming up周度图预热中The weekly expected-move bands appear after tonight's data run.本周期权定价区间将在今晚数据更新后显示。
Context for expectations and sizing — not buy or sell signals. Machine-flow figures are model estimates, not audited fund positions. Shock-absorber series from 2026-06-14; 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。缓冲机制数据自2026-06-14起，相关性数据自2006年起。
· Built构建于 2026-07-20