📈Unusual Whales Periscope: Market Maker Gamma Insights — Trade Smarter in 2025!!

In this in-depth Q&A, Dan from Unusual Whales unveils how to use the Periscope for market maker gamma exposure (GEX) to identify key price reaction zones.

He breaks down why the first few minutes of SPX trading are crucial, how the straddle cone can signal potential price boundaries. Then Dan fields Questions from the audience, with live examples of gamma clusters, and even a primer on using the Unusual Whales API to pull GEX data in real time as well!

Periscope isn’t just another options explainer. It’s a real-time look into how market structure and positioning can provide an edge—especially for traders building spreads or seeking high-convexity setups.

00:00 — Intro: Why the Straddle Cone Matters in SPX Trading
01:41 — Visualizing Straddle Break-Evens with the Cone Format
02:28 — Question: "Do you find that the cone lines act as support and resistance?"
03:44 — Question: "Do you use this to place calendars and diagonals?"
04:28 — Interpreting Longs vs. Shorts via Periscope Positioning
05:03 — Using OTM Calendars for Convexity
06:05 — Importance of Expiration Selection: Fridays and SPX
07:02 — Question: "How would you read something like this 5950 strike on SPX?"
08:52 — Question: "Can I pull this data via API?"
10:55 — Question: "Are you saying market makers are on the other side of these positions?"
12:08 — Question: "Are these gamma zones magnets or just reaction areas?"
13:03 — Where to Read the Full Periscope Net Gamma Article
14:10 — Question: "Are you tracking this data live during market hours or end of day?"
15:47 — Question: "So is this more of a short-term or intraday tool for you?"
17:22 — Cone Anchoring: How the Center Strike Is Chosen
18:38 — Question: "How often are these cone boundaries breached?"
19:55 — Adjusting Positions When SPX Moves Outside the Cone
21:04 — Question: "Would you fade or follow the move in that case?"
21:25 — Adding or Reducing Exposure
22:00 — Final Thoughts: Cone as Context, Not a Prediction Tool

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Disclaimer:
Any content referenced in the video or on Unusual Whales are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. You can lose some or all of your investment. See terms for more information.