Gamma Flip（Gamma 翻转点）

中文解释

Gamma Flip 是整体 Gamma 敞口由正转负或由负转正的估计价位区域。价格在该区域上下时，做市商对冲行为可能从更稳定转向更容易放大波动，或者反过来，具体取决于模型的符号定义。Nightwatch 把 Gamma Flip 作为结构参考点，方便交易者把现价和整体 GEX 分布放在一起观察。

English definition

Gamma Flip is the estimated price area where aggregate gamma exposure changes sign. Above or below that area, dealer hedging behavior may shift from stabilizing to destabilizing, or the reverse, depending on the sign convention used by the model. Nightwatch marks gamma flip as a structural reference point so traders can compare spot location with the broader GEX distribution.

在 Nightwatch 里怎么看

Nightwatch 的 GEX 结构图会把 Gamma Flip 与 Call Wall、Put Wall 一起标出来，方便把现价和整体 GEX 分布放在一起看。仅作市场结构参考，不构成买卖建议。

The Nightwatch GEX structure view marks Gamma Flip together with Call Wall and Put Wall so the current price can be read against the overall GEX profile. It is market-structure context, not financial advice.