🌡️ Sentiment
The Sentiment view pairs two complementary readouts side by side. On one side, gamma-regime gauges for the selected ticker show whether dealers are long or short gamma and how intense the environment is. On the other, market-wide sentiment gauges track options-derived fear/greed for the three major US index ETFs — SPY, QQQ, and IWM — each scored from -100 to +100. Together they answer two questions at a glance: is the dealer-hedging backdrop calm or fragile right now, and is the broader options crowd leaning fearful or greedy?
Gamma Regime Gauges#
For the ticker selected from your watchlist, three gauges summarize the current gamma environment, with a strike-level bar chart and context-aware info cards beneath them:
| Zone | Score | What It Means |
|---|---|---|
| 🟢 Strong Positive | 80–100 | Dealers long gamma — dips are buying opportunities, mean-reversion dominates |
| 🟢 Positive | 60–80 | Supportive for longs, watch the gamma flip for a regime shift |
| 🟡 Neutral | 40–60 | No strong directional bias from dealers, fundamentals drive price |
| 🟠 Negative | 20–40 | Increased volatility expected, cautious positioning recommended |
| 🔴 Strong Negative | 0–20 | Dealer hedging amplifies moves — avoid catching falling knives |
Market Sentiment Gauges#
Alongside the per-ticker gamma readout, three arc gauges track an options-derived fear/greed score for the major US index ETFs — SPY, QQQ, and IWM. Each needle sits on a red-to-green arc, giving you a quick sense of whether broad-market positioning is leaning defensive or aggressive, and how the three indices compare to one another at a glance.
The Arc Gauges#
Each gauge displays a semicircular arc with a needle pointing to the current sentiment score:
- -100 to -60 — 🔴 Extreme Fear zone (red). Options data shows heavy put positioning, negative gamma environment, and elevated downside IV.
- -60 to -20 — 🟠 Fear zone (orange). Put positioning is above average, but not at extremes.
- -20 to +20 — ⚪ Neutral zone (gray). Balanced call/put positioning with no strong directional lean.
- +20 to +60 — 🟢 Greed zone (light green). Call positioning dominates, positive gamma environment.
- +60 to +100 — 🟢 Extreme Greed zone (dark green). Strong call dominance, high positive GEX, elevated call IV demand.
What Drives the Score#
The sentiment score is synthesized from multiple options metrics for each ticker:
- GEX Ratio — How much gamma comes from calls vs. puts
- Net GEX — Whether the overall gamma environment is positive or negative
- Put/Call OI ratio — The balance of open interest
- IV Ratio — Whether calls or puts are relatively more expensive
- Net IV — The absolute difference between call and put implied volatility
- Volume dynamics — Relative call vs. put volume
These inputs are combined into a single composite score. The score reflects the current snapshot of options positioning — it changes as new data arrives and options activity shifts.
How to Interpret#
| Zone | Score Range | What It Reflects |
|---|---|---|
| 🔴 Extreme Fear | -100 to -60 | Heavy put positioning, negative GEX, high downside vol demand |
| 🟠 Fear | -60 to -20 | Elevated put activity, mildly negative environment |
| ⚪ Neutral | -20 to +20 | Balanced positioning, no strong lean from options data |
| 🟢 Greed | +20 to +60 | Call-side dominance, positive gamma, lower put demand |
| 🟢 Extreme Greed | +60 to +100 | Strong call positioning, very high positive GEX |
Auto-Refresh#
The Sentiment view refreshes automatically every 60 seconds during market hours. Each gauge updates independently as fresh data arrives for SPY, QQQ, and IWM.
Using Sentiment with Other Views#
Sentiment provides the big picture. For deeper analysis:
- Switch to the Heatmap to see exactly where the GEX levels are concentrated for each ticker.
- Check Live Flow to see what kinds of trades are driving the sentiment — are they sweeps, blocks, or small retail?
- Use Compare to view all three index ETFs side by side with their full GEX profiles.