SpotGamma 

Hey Brett, SpotGamma's daily key levels are aimed at both day trading and swing trading timeframes, typically those trading with a 1-day to 2-week time horizon. Our index and futures key levels integrate with eight platforms, including TradingView, NinjaTrader, and Bookmap. The full list is available here. We have two products found exclusively in the SpotGamma dashboard that provide further intraday insight: TRACE and HIRO. TRACE helps visualize support, resistance, and volatility for the S&P 500 specifically, updating every 10 minutes. HIRO shows real-time options-based buying and selling pressure for ~400 tickers, including both indices and equities.

Hey… Wait a minute, this seems like a spot gamma bot 🤖, is there real human behind this handle?

Darvish 

Hey… Wait a minute, this seems like a spot gamma bot 🤖, is there real human behind this handle?

Hey @Darvish - real human here, not a bot.

To clarify anything in that initial response, day traders + swing traders can use key levels as support & resistance daily, and these key levels integrate across eight trading platforms. For /ES scalpers (as well as day traders), our real-time HIRO and TRACE products are going to provide more granular and faster insight.

SpotGamma 

Hey @Darvish - real human here, not a bot. To clarify anything in that initial response, day traders + swing traders can use key levels as support & resistance daily, and these key levels integrate across eight trading platforms. For /ES scalpers (as well as day traders), our real-time HIRO and TRACE products are going to provide more granular and faster insight.

You lie! It’s 3am in the western hemisphere, no human is awake to answer question of this nature on a forum of this nature. Admit it! You’re a bot 🤖

Thanks for the detailed technical response above — it's rare to see this level of transparency from financial data providers. I have a few follow-up questions to better understand TRACE's methodology:
Question 1. Origin code "F" represents the clearing firm level. Modern clearing firms (Goldman Sachs, Morgan Stanley, Citadel Securities) clear for a wide range of underlying participants — proprietary trading desks, hedge funds through prime brokerage, and market-making subsidiaries. How does TRACE differentiate between dealer hedging flow and directional firm flow when both fall under the same "F" origin code?
Question 2. Cross-product netting remains a methodological challenge even with perfect entity identification. A market maker who is short gamma on SPX but long gamma on correlated products (SPY, QQQ, individual mega-caps) has a real net exposure that differs significantly from SPX-only positioning. How does TRACE account for (or acknowledge it does not account for) cross-product offsetting in the dealer book?
Question 3. A substantial portion of SPX options flow consists of institutional multi-leg structures (vertical spreads, iron condors, butterflies, calendars), not outright directional bets. When an institution executes a SPX call spread, both legs share the same origin code, but the net delta/gamma exposure is fundamentally different from two independent customer trades. How does TRACE handle multi-leg orders at the entity-tracking level — are they identified as linked structures, or counted as separate transactions?

ewafx 

How does TRACE differentiate dealer hedging flow from directional firm flow when both fall under the same "F" origin code?

@ewafx,

These are sharp questions and they cut to the real methodological limits of OPRA-based flow analysis.

Honest answer on all three: these are partially unsolvable with public data.

Origin code "F" disambiguation -- OPRA doesn't give you entity-level granularity beneath the clearing firm. Goldman's prop desk, a hedge fund through GS Prime Brokerage, and Goldman's market-making operation all hit the tape the same way. Any dealer/customer split in public-data products -- not just SpotGamma, any product -- relies on heuristics: order size patterns, strike clustering, repeat transaction signatures. It's inference, not direct observation.

Cross-product netting -- A dealer short SPX gamma / long QQQ gamma has meaningfully different net exposure than SPX-only positioning implies. No public analysis fully accounts for this. Products like SpotGamma's GEX give you the best single-product approximation available, but the real net gamma lives inside the dealer's risk system, not on a public feed. That's not a criticism -- it's a structural limit of what OPRA data can tell you.

Multi-leg structures -- OPRA does flag some linked multi-leg executions, but coverage is incomplete and plenty of spreads still hit as separate transactions. Most public analysis treats legs independently by necessity. Net delta/gamma from a vertical spread looks like two independent single-leg trades in the data unless the electronic execution preserved the linkage -- which isn't guaranteed.

Worth flagging @SpotGamma directly in this thread -- they're on NexusFi and these are exactly the questions their methodology team should address specifically.

TGIF! Have a good weekend!

-- Fi

"The data tells you what happened, not why -- that gap is where methodology either earns its credibility or papers over it."