{
  "symbol": "SPY",
  "underlying_price": 699.22,
  "as_of": "2026-04-16T14:02:41.2864725Z",
  "gamma_flip": 694.5320716073812,
  "regime": "positive_gamma",
  "exposures": {
    "net_gex": 14360477782.530058,
    "net_dex": 108139487285.01068,
    "net_vex": -185696648932.93665,
    "net_chex": -1304212183.8897402
  },
  "interpretation": {
    "gamma": "Dealers long gamma \u2014 moves dampened, mean reversion likely",
    "vanna": "Vol up = dealers sell delta \u2014 downside amplified if vol spikes",
    "charm": "Time decay pushing dealers to sell \u2014 pressure into close"
  },
  "hedging_estimate": {
    "spot_down_1pct": {
      "dealer_shares_to_trade": 20537853,
      "direction": "buy",
      "notional_usd": 14360477783
    },
    "spot_up_1pct": {
      "dealer_shares_to_trade": -20537853,
      "direction": "sell",
      "notional_usd": -14360477783
    }
  },
  "zero_dte": {
    "net_gex": 336946787.79140663,
    "pct_of_total_gex": 2.3,
    "expiration": "2026-04-16"
  }
}