The options structure shows heavy positive gamma resistance from 4600 to 5000, with call open interest concentrated at 4700 (9,877) and 4900 (12,064). Below spot, negative gamma begins at 4200 where put interest dominates. This asymmetric setup suggests dealers are positioned for range compression, with realized moves likely to encounter friction at both the 4600-4700 topside and 4200 downside boundaries until expiration or OI shifts.
The options structure shows heavy positive gamma resistance from 4600 to 5000, with call open interest concentrated at 4700 (9,877) and 4900 (12,064). Below spot, negative gamma begins at 4200 where put interest dominates. This asymmetric setup suggests dealers are positioned for range compression, with realized moves likely to encounter friction at both the 4600-4700 topside and 4200 downside boundaries until expiration or OI shifts.