TSLA Gamma EOD
Total gamma at TSLA increased by 35M since Friday to now 72M, this means in general option dealers will re-hedge (gamma hedge) by selling into strength and buying into weakness. So, as long the price stays above 1040 dealers will always provide a floor and liquidity. If we dig a little deeper, we can state that re-hedging is pronounced between 1100 and 1200, especially at our so called call barriers (1100/1125/1150/1200). Below 1040 option dealers start hedging cyclically by selling into weakness and buying into strength, hence they become liquidity takers.
Disclaimer: Gamma studies are not meant to provide directional guidance, but rather identify levels at which market makers add liquidity (this decreases vol) and at which levels they take liquidity (this increases vol). If you follow my charts over time you start noticing that ranges compress around green lines (where positive gamma ist located) and that they expand at blue lines (negative gamma strikes). While you can think of green lines as "black holes" or "magnets" that try to suck prices in and compress them, you can think of blue lines as arresting wires on a carrier. Unlike a rigid support it lets prices crash through initially, but attaches a hook and pulls them back up. Hope that helps.
Disclaimer: Gamma studies are not meant to provide directional guidance, but rather identify levels at which market makers add liquidity (this decreases vol) and at which levels they take liquidity (this increases vol). If you follow my charts over time you start noticing that ranges compress around green lines (where positive gamma ist located) and that they expand at blue lines (negative gamma strikes). While you can think of green lines as "black holes" or "magnets" that try to suck prices in and compress them, you can think of blue lines as arresting wires on a carrier. Unlike a rigid support it lets prices crash through initially, but attaches a hook and pulls them back up. Hope that helps.
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