The price where aggregate dealer gamma flips sign, changing whether moves are dampened or amplified.
The gamma flip level is the price at which aggregate dealer gamma flips from positive to negative. Above it, dealers tend to buy dips and sell rips, dampening moves; below it, they sell rallies and buy weakness, amplifying moves. It is one of the most important lines to watch for regime changes.
More terms: Gamma wall · Delta neutral · Gamma · 0DTE options · Dealer hedging · Call wall