QQQ Dealer Gamma Exposure and Zero-Gamma Level

Concentration makes QQQ gamma sharper

The Nasdaq-100 is dominated by a handful of mega-cap names, so QQQ gamma is effectively a leveraged read on hedging in those single names. When dealer gamma flips negative in QQQ, the hedging that follows is concentrated rather than diffuse, and moves tend to extend further than the same reading in a broader index.

Single-name spillover

Large gamma positions in the top constituents feed back into the ETF, so QQQ and its biggest components rarely move independently during an unwind.

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$719.96 @ 7:59 PM (Previous day — 2026-08-10 close)
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