
Every session, options dealers carry a book of gamma, delta, vanna and charm they have to hedge — and that hedging leaves a footprint on intraday structure: where price tends to pin, where it accelerates, and which levels actually hold. We break down that dealer-exposure workflow in plain English for the index futures (NQ / ES): the gamma flip, walls and shelves, the pin-vs-expansion regime, 0DTE vs the full term structure, and how to read a gamma/vol surface.