LONG γ (net GEX > 0)

Dealers hedge against the move — sell rips, buy dips.

Vol suppressed · mean reversion · pin toward walls · breakouts often fail.

SHORT γ (net GEX < 0)

Dealers hedge with the move — buy rips, sell dips.

Vol amplified · trends extend · walls weaker · watch the flip level.

C / P = call & put gamma walls (resistance / support). Flip = net GEX zero crossing. Index backdrop only — single names can override.