Flip Point — Strike where dealer gamma flips sign. Above it = positive gamma (price tends to stabilize). Below it = negative gamma (price tends to trend/volatility expands).
Spot Price — Current underlying price. Distance from flip point tells you which gamma regime you're in.
Cyan bars — Positive net GEX at that strike (calls dominate). Acts as support / magnet.
Red bars — Negative net GEX at that strike (puts dominate). Acts as resistance / volatility zone.
Positive Gamma Regime — Dealers suppress volatility. Expect mean reversion, smaller ranges, and pinning near large GEX strikes into expiration.