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← Back to Research | Gamma Mechanics Aug 01, 2026 1 min read

Decoding 0DTE Dealer Pinning: Why SPX Bounces at the Call Wall

Analysis of how high open interest concentration forces options market makers to short index futures during monthly OpEx.

During monthly Options Expiration (OpEx) cycles, index prices frequently exhibit strike pinning behavior. This article breaks down the exact mechanics behind 0DTE dealer hedging at major call walls.

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