In the upper right corner of the viewing pane, HIRO shows you the current stock, ETF or index of interest. It also includes SpotGamma proprietary levels which are refreshed each trading day.
Current HIRO: This value reflects the current delta notional hedging pressure for a stock based on today’s flow. A negative value would indicate current downward hedging pressure and a positive value indicates upward hedging pressure. This shows whether the options market may have been pushing the price up or down.
30 Day HIRO Range: This value reflects the range for HIRO Hedging pressure over the last 30 days.
Hedge Wall: A Hedge Wall has a similar impact for individual stocks as the Volatility Trigger™ for indices, and can be thought of as the point where realized volatility is expected to start increasing (the expected percentage range over a period of time based on historical prices with 68.3% confidence). Like any other of our major key levels, when Hedge Walls increase it is a bullish sign for the market and it is a bearish signal when they decrease.
Key Gamma Strike: Large gamma strikes contain a significant amount of Gamma. The largest gamma strike appears on index products and is similar to the Key Gamma Strike, which can be found on stocks in HIRO. There are often a few large gamma strikes listed on an index product, and they are ranked with “large gamma strike 1” being the strongest. These are powerful support/resistance levels that can be used for setting up high-probability trades.
Key Delta Strike: The Key Delta Strike has the largest delta. In general, this is one of the major key levels of support and resistance. The other two of its kind–that can be found in between the Put Wall and Call Wall–are the Key Gamma Strike and Hedge Wall.
Call Wall: The Call Wall is the largest net call gamma. Call Walls are essential in our daily levels analysis. Their main function is that they define the upper bound of the wider probable range. The direction that walls shift overnight is a strong directional signal: up equals bullish and down equals bearish. This is often what we are keeping the closest eye on while waiting for a bullish signal from the market.
Put Wall: The Put Wall is our major support level, which measures the most amount of put gamma. Our data shows that the Put Wall offers strong support, but it is not quite as strong in equivalence as the Call Walls are in being a resistance point. The Put Wall is often a point where buyers will enter the market. It is also a point where put holders are likely to close their positions for a profit.