Gamma Flip
The price level at which aggregate options-dealer gamma exposure crosses from positive to negative — the point where dealer hedging switches from dampening moves to amplifying them. Often used interchangeably with the hedge wall.
TL;DR: The gamma flip is the price where dealers' net gamma crosses zero — above it they suppress volatility, below it they feed it. In practice it's the hedge wall.
Above the flip, dealers are net long gamma and hedge against moves (delta buying dips, selling rips), which compresses ranges. Below it, they're net short gamma and hedge with moves, which expands ranges. The crossover point is the flip.
Because that crossover is exactly what defines the volatility switch, "gamma flip" and "hedge wall" describe the same level from two angles — one names the mechanism (gamma exposure crossing zero), the other names its effect (the volatility regime). It's a volatility marker, not a directional one, and its reliability varies by name. Full explainer: What Is the Hedge Wall?
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