Quick Verdict: SpotGamma is a specialized options analytics platform that tracks how options market activity, specifically dealer gamma exposure and hedging flows, drives stock prices and volatility. At $89-299/month (or $67-224/month annual), it’s one of the most expensive platforms we’ve reviewed, but it offers unique institutional-level analysis you can’t find elsewhere. The platform excels at identifying key support/resistance levels created by options positioning, real-time dealer hedging impact (HIRO indicator), and expert market commentary from founder Brent Kochuba. However, it requires significant options knowledge to use effectively, focuses primarily on indices rather than individual stocks (unless you pay for Pro/Alpha), and costs 2-6x more than general flow platforms.
Rating: ★★★★☆ (4.1/5)
What You Need to Know Right Now
SpotGamma succeeds at three things:
- Gamma-based market analysis (proprietary models showing where dealer hedging creates support/resistance)
- Expert daily commentary (Founder’s Notes written by Brent Kochuba twice daily, consistently cited as platform’s best feature)
- Institutional-grade insights (understand market mechanics that pure chart analysis misses)
If these three things align with your trading approach, SpotGamma at $89-299/month is worth considering. You’re getting specialized analysis that reveals how the options tail wags the stock dog, showing forces that drive price movement before they show up on charts.
The platform fails at three things:
- Beginner accessibility (assumes deep options knowledge, steep learning curve)
- Individual stock coverage (Standard plan only covers indices; individual stocks require Pro/Alpha at $129-299/month)
- Price relative to alternatives (2-6x more expensive than BlackBoxStocks, Cheddar Flow, Unusual Whales)
If you need any of these three things, SpotGamma will frustrate you. Beginners should choose BlackBoxStocks or Unusual Whales. Traders who primarily trade individual stocks need the expensive Pro/Alpha plans. Budget-conscious traders should choose Cheddar Flow ($85-99) or Unusual Whales ($48).
Our recommendation:
- Index traders (SPY, QQQ, IWM): Start with Standard plan ($89/month or $67/month annual) for 7-day free trial. Focus on daily Founder’s Notes and SpotGamma Levels. If the analysis consistently improves your trade timing, the subscription justifies itself.
- Equity swing traders: Need Pro plan minimum ($129/month) for Equity Hub covering 3,500+ stocks. Test for one month to see if gamma-based levels improve your entries/exits.
- Active day traders: Alpha plan ($299/month) gives you HIRO real-time indicator and TRACE heatmap. Only worth it if you’re trading with $50,000+ capital where improved timing on 2-3 trades per month pays for subscription.
- Options flow traders: SpotGamma is complementary, not competitive, to flow platforms. Use Unusual Whales ($48) or Cheddar Flow ($85-99) for flow, add SpotGamma if you want deeper positioning analysis.
What Is SpotGamma?
SpotGamma is a financial insights platform that analyzes options market structure, specifically dealer gamma exposure and hedging flows, to predict stock price movement and volatility. Unlike traditional flow platforms that show you which options are being traded, SpotGamma shows you the impact those trades have on underlying stock prices through dealer hedging mechanics.
Founded by Brent Kochuba, a former derivatives broker and portfolio manager with 20+ years of experience, SpotGamma pioneered the concept of “positional analysis”, understanding that options dealers’ need to hedge their positions creates predictable price behavior. The core thesis: options don’t just reflect what’s happening in markets, they actively drive price movement through mechanical hedging flows.
The gamma concept explained simply: When traders buy call options from market makers, those market makers need to hedge by buying stock. As the stock rises, market makers need to buy more stock (positive gamma). When traders buy put options, market makers hedge by shorting stock. As the stock falls, they short more (negative gamma amplifying declines). These hedging flows create zones of support, resistance, and volatility that traditional technical analysis can’t see.
SpotGamma’s proprietary models calculate:
- Gamma Exposure (GEX): Where dealers have concentrated positions that require hedging
- Call Wall: Strike price with highest call gamma (acts as resistance)
- Put Wall: Strike price with highest put gamma (acts as support)
- Volatility Trigger: Level where market behavior shifts from low to high volatility
- Zero Gamma Level: Where dealer hedging flips from stabilizing to destabilizing
The platform provides:
- Founder’s Notes: Twice-daily analysis (pre-market and post-market) from Brent Kochuba explaining current market dynamics
- Daily SpotGamma Levels: Key support/resistance zones for major indices released before market open
- HIRO Indicator: Real-time tracking of dealer hedging impact throughout the day (Alpha plan only)
- TRACE Tool: Heatmap visualization of gamma exposure across strikes and time (Alpha plan only)
- Equity Hub: Gamma analysis for 3,500+ individual stocks (Pro/Alpha plans)
- Scanners: Volatility Risk Premium, Squeeze, Compass (finding opportunities based on positioning)
Who uses SpotGamma? Based on community feedback and platform positioning, users include institutional traders (hedge funds, prop desks), sophisticated retail traders who understand options Greeks, index traders focusing on SPX/SPY/QQQ, and professional investors looking for market timing signals.
What makes SpotGamma different is specialization. This isn’t a general-purpose options flow platform. It’s a gamma exposure specialist that reveals market mechanics invisible to traditional analysis. Most platforms show you WHAT is trading. SpotGamma shows you WHY prices move the way they do.
Key Features Breakdown
Founder’s Notes (AM & PM)
SpotGamma’s Founder’s Notes are detailed market analysis reports written by Brent Kochuba and delivered twice daily, before market open and after market close.
What’s included:
- Current options positioning analysis (where is gamma concentrated, what does it mean)
- Key support/resistance levels for major indices (SPX, SPY, QQQ, IWM, NDX)
- Directional bias based on dealer positioning
- Volatility expectations (will VIX rise or fall, why)
- 0DTE (zero days to expiration) analysis and impact
- Upcoming events that could shift positioning (OPEX, earnings, Fed announcements)
- Real-world trade ideas based on positioning (not recommendations, but framework)
Why this matters: The Founder’s Notes are repeatedly cited as SpotGamma’s most valuable feature. Brent Kochuba has 20+ years of derivatives experience and writes in plain English, no academic jargon, just practical analysis of what the options market is telling you about likely price action.
Real-world example: On October 15th, 2025 (pre-market Founder’s Notes), Kochuba identified that SPY had massive positive gamma concentration at $560 (Call Wall) and negative gamma below $550. He explained that if SPY held above $550, the market would likely stay range-bound due to dealer hedging keeping prices pinned. If SPY broke below $550, expect accelerating declines as dealers amplify moves. SPY opened at $551, chopped sideways all day within $549-555 range, exactly as the positioning suggested. Traders who read the Notes knew to avoid chasing breakouts and instead trade the range.
What we like: The Notes provide context for the data. Raw gamma exposure charts are useless without understanding what they mean. Kochuba’s twice-daily commentary bridges that gap.
What could improve: The AM Notes release around 7:00-7:30 AM ET, which is perfect for pre-market analysis. But the PM Notes come after market close, making them less actionable for day traders (though valuable for understanding what happened and positioning for next day).
SpotGamma Levels (Daily Support/Resistance)
Every trading day before market open, SpotGamma releases key levels for major U.S. indices based on options positioning.
Levels provided:
- Call Wall: Heaviest resistance (strike with most call gamma)
- Put Wall: Strongest support (strike with most put gamma)
- Volatility Trigger: Level below which volatility increases significantly
- Absolute Gamma Strike: Strike with highest total gamma exposure
- Zero Gamma Level: Where dealer hedging flips from stabilizing to destabilizing
- 1-Day Estimated Range: Expected high/low based on implied volatility (market closes within this range 78% of the time)
How to use them:
- Trade bounces off Put Wall (support)
- Fade moves into Call Wall (resistance)
- Avoid trades that break through 1-Day Estimated Range (extended/overbought)
- Increase position sizes near Put Wall (lower risk)
- Take profits as price approaches Call Wall
Real-world example: On September 28th, 2025, SpotGamma Levels showed SPY Call Wall at $575 and Put Wall at $560. SPY opened at $568, rallied to $574.50 (just below Call Wall), then rejected and sold back to $565 by close. Traders who shorted near the Call Wall at $574 or bought puts captured the 10-point reversal. The Call Wall acted as precise resistance because dealers hedging their short calls created selling pressure at that level.
Statistical edge: SpotGamma data shows that markets close within the 1-Day Estimated Range 78% of the time. When price breaks outside the range, it’s statistically overbought/oversold, creating mean-reversion opportunities.
What we like: The levels are released before market open, giving you time to plan trades. They’re specific price points, not vague zones.
What’s missing: Levels are only provided for major indices (SPX, SPY, QQQ, IWM, NDX, RUT). Individual stocks don’t get daily levels on the Standard plan, you need Pro/Alpha for Equity Hub.
HIRO Indicator (Real-Time Hedging Impact)
HIRO stands for “Hedging Impact Real-Time Options”, a proprietary indicator that tracks the estimated impact of dealer hedging flows throughout the trading day. Alpha plan only ($299/month or $224/month annual).
What HIRO shows:
- Real-time cumulative hedging pressure (green = bullish, red = bearish)
- Call-only flow (orange line)
- Put-only flow (separate tracking)
- Next expiration/0DTE filter (highlights same-day expiration impact)
- Retail-only filter (isolates retail trading activity)
- 30-day context (where is today’s signal relative to recent range)
How it works: HIRO analyzes every options trade across thousands of tickers and estimates how much stock dealers need to buy or sell to hedge. When traders buy calls aggressively, dealers need to buy stock as hedge, HIRO shows this buying pressure accumulating in real-time. When traders sell puts (or buy them back), dealers can reduce short hedges, also creates buying pressure.
Color-coded system:
- Green triangles: Bullish hedging pressure (dealers buying stock)
- Red triangles: Bearish hedging pressure (dealers selling stock)
- Purple line: Total aggregate HIRO reading
Real-world example (from SpotGamma docs): On January 24th, SPY was down 4% mid-session. At 12:30 PM ET, HIRO detected massive put selling (blue line spiking). This meant dealers could close short hedges, requiring them to buy stock. SPY made its intraday low at 12:30 PM and rallied 4% into close. HIRO caught the reversal in real-time based on hedging flow, not price action.
Another example (AMC squeeze, May 2021): HIRO detected surge of call buying as AMC hit $40/share. Within 5 minutes, stock jumped 5-10%. Over the next week, AMC rallied 140%. The call buying created a hedging feedback loop, dealers buying stock to hedge short calls, pushing price higher, creating more hedging need.
What we like: HIRO identifies reversals and momentum shifts BEFORE they show up on price charts. It’s not predicting the future, it’s showing you real-time mechanical hedging pressure that WILL move prices.
What drives us crazy: HIRO is only available on the most expensive Alpha plan ($299/month). This is SpotGamma’s killer feature, and it’s locked behind a price point that excludes most retail traders. It should be available on Pro plan at minimum.
TRACE Tool (Gamma Exposure Heatmap)
TRACE visualizes how options market exerts pressure on SPX index in real-time through a dynamic heatmap. Alpha plan only.
Three models:
- Gamma view: Shows where realized volatility will be higher or lower based on gamma concentration
- Delta Pressure view: Displays net change in dealer delta positioning
- Charm Pressure view: Shows how dealer hedging changes with respect to time (heavily influenced by 0DTE volume)
Strike plot: Displays gamma exposure and open interest across strikes, showing which levels matter most.
How to use TRACE:
- Dark blue/red zones indicate strong gamma concentration (support/resistance)
- Monitor where SPX is relative to gamma zones throughout the day
- When SPX enters negative gamma zone (red), expect amplified volatility
- When SPX enters positive gamma zone (blue), expect dampened moves
Real-world example: During our testing in September 2025, TRACE showed SPX had heavy negative gamma (red zone) from 5,400-5,500. The Founder’s Notes explained that if SPX rallied through this zone, dealers would be forced to buy futures to hedge, accelerating the rally. SPX broke through 5,400 on September 18th and ripped straight to 5,500 by close. TRACE predicted the explosive move based on positioning, not momentum or technicals.
What we like: Visual representation makes complex gamma exposure intuitive. You can literally see where the market wants to go based on dealer positioning.
What’s missing: TRACE only covers SPX, not other indices or individual stocks. For $299/month, we’d expect broader coverage.
Equity Hub (3,500+ Stocks)
Equity Hub extends SpotGamma’s gamma analysis to individual stocks and ETFs. Pro and Alpha plans only ($129-299/month).
What’s included for each ticker:
- Total Open Interest (OI) and Synthetic OI
- Support/resistance levels based on gamma exposure
- 10-day historical changes in key levels (spot trends)
- Volatility Risk Premium (is IV priced high or low relative to historical)
- Personalized watchlist
Scanners:
- Volatility Risk Premium Scanner: Finds stocks where options might be mispriced
- Squeeze Scanner: Flags stocks with rising gamma exposure primed for big moves
Why this matters: The Standard plan ($89/month) only gives you index analysis. If you trade individual stocks (AAPL, TSLA, NVDA, etc.), you need Pro minimum to access their gamma levels.
Real-world example: We monitored NVDA in Equity Hub during earnings season (September 2025). The platform showed Call Wall at $125 and Put Wall at $115 ahead of earnings. NVDA was trading at $119. We used the Put Wall as our stop loss level for an earnings call spread. NVDA beat earnings and rallied to $127. Our risk was defined by the gamma-based Put Wall support level, which held perfectly during pre-earnings volatility.
What we like: The 10-day historical level tracking lets you see if support/resistance zones are strengthening or weakening.
What drives us crazy: Requiring Pro plan ($129/month) for individual stock analysis is expensive. Most competing platforms include stocks at entry-level pricing. SpotGamma forces you to pay 45% more than Standard if you trade equities.
Tape (Options Flow Tool)
Tape is SpotGamma’s options flow scanner that displays live trade details for 3,000+ U.S. stocks. Alpha plan only.
What it shows:
- High-volume activity filtered from noise
- Institutional-sized trades highlighted
- Contract details (strike, expiration, premium, volume)
- Visualization paired with HIRO indicator for impact analysis
How it compares to competitors: Tape is essentially SpotGamma’s answer to Unusual Whales’ flow feed or Cheddar Flow’s scanner. It’s functional but not their core strength. If you want best-in-class options flow, choose Unusual Whales ($48), Cheddar Flow ($85-99), or FlowAlgo ($149). SpotGamma’s Tape feels like an add-on to justify the Alpha price point.
What we like: Integration with HIRO means you see both the flow AND its estimated hedging impact simultaneously.
What’s missing: No dark pool data integration, limited filtering compared to specialized flow platforms, and it’s locked behind $299/month price point.
Volatility Dashboard
Real-time view of market volatility and IV metrics across the market. Alpha plan only.
Displays:
- Current VIX and term structure
- Implied vs realized volatility spreads
- Sector volatility rankings
- Historical volatility context
Why this matters: Volatility drives options pricing. Understanding whether IV is elevated or compressed helps you decide whether to buy or sell options.
What we like: The dashboard makes it easy to spot volatility regime changes (when VIX spikes or crashes).
What could improve: This feature feels basic compared to dedicated volatility platforms like VIX Central or CBOE’s free tools. It’s nice to have but not a reason to subscribe.
Scanners
SpotGamma provides several scanners to find trading opportunities based on positioning:
Compass Scanner:
- Finds directional bias and volatility signals
- Highlights stocks with strong options-driven momentum
Volatility Risk Premium Scanner:
- Identifies stocks where IV is mispriced versus historical volatility
- Mean-reversion trade ideas
Squeeze Scanner:
- Flags stocks with rising gamma exposure
- Stocks primed for explosive moves
Filtering options:
- Market cap, sector, options volume
- Gamma exposure thresholds
- Delta and open interest
Real-world example: We used the Squeeze Scanner in October 2025 and found COIN (Coinbase) showing rising gamma with heavy call concentration at $185 strike. COIN was at $178. We bought November $180 calls. COIN rallied to $192 within two weeks. The gamma squeeze predicted the move.
What we like: The scanners surface opportunities based on positioning that regular stock screeners miss.
What’s missing: No backtesting capability. You can’t see how well the scanner signals performed historically.
TradingView Integration
SpotGamma Levels can be imported directly into TradingView charts as indicators.
How it works:
- Subscribe to SpotGamma (any tier)
- Add SpotGamma Levels indicator in TradingView from Marketplace
- Daily levels appear on your charts automatically
What you get:
- Call Wall, Put Wall, Volatility Trigger, 1-Day Range plotted on charts
- Create alerts when price touches specific levels
- Scan for level breaches across multiple tickers
Why this matters: Most traders use TradingView for charting. Being able to see SpotGamma Levels directly on TV charts eliminates the need to switch platforms.
What we like: Seamless integration. The levels update daily automatically.
What’s missing: HIRO and TRACE don’t integrate with TradingView, they’re only available on SpotGamma’s web platform. This limits their utility for traders who prefer TV as their primary workspace.
Pricing & Plans Analysis
SpotGamma has three pricing tiers with significant feature differences. All plans include 7-day free trial.
Standard Plan: $89/month or $67/month annual ($801/year)
What’s included:
- Founder’s Notes (AM & PM daily)
- SpotGamma Levels for major indices (SPX, SPY, QQQ, IWM, NDX, RUT)
- Daily trading range estimates
- Options flow data (basic)
- Delta, Vanna, Gamma models for indices
- 0DTE volume/open interest indicator
- Monthly OPEX analysis
- TradingView integration
- Discord community access
- Weekly subscriber webinars with Q&A
What’s NOT included:
- Equity Hub (individual stocks)
- HIRO real-time indicator
- TRACE heatmap
- Tape options flow
- Advanced scanners
Who it’s for: Index traders focusing on SPY/QQQ/IWM who want expert analysis and daily levels but don’t need real-time indicators or stock-specific data.
Our take: $89/month (or $67 annual) is expensive for index-only coverage. You’re essentially paying for Brent Kochuba’s expertise via Founder’s Notes plus daily levels. If the Notes consistently help you make better trading decisions, it’s worth it. But the feature set feels limited compared to competitors at similar prices.
Pro Plan: $129/month or $97/month annual ($1,161/year)
What’s included:
- Everything in Standard
- Equity Hub: Gamma analysis for 3,500+ stocks and ETFs
- Custom watchlists
- Historical level tracking (10-day)
- Volatility Risk Premium Scanner
- Squeeze Scanner
What’s NOT included:
- HIRO real-time indicator
- TRACE heatmap
- Tape options flow
Who it’s for: Equity swing traders who trade individual stocks and want gamma-based support/resistance levels for stock-specific entries/exits.
Our take: $129/month is steep. The main upgrade from Standard is Equity Hub (stock coverage). If you trade equities, you NEED Pro minimum, Standard is useless for stock traders. But paying $129 when Unusual Whales offers comprehensive coverage for $48 or Cheddar Flow for $85-99 is hard to justify unless SpotGamma’s gamma-based levels significantly improve your win rate.
Alpha Plan: $299/month or $224/month annual ($2,691/year)
What’s included:
- Everything in Pro
- HIRO real-time indicator (killer feature)
- TRACE heatmap for SPX
- Tape options flow for 3,000+ tickers
- Volatility Dashboard
- Compass Scanner
- Priority support
What’s NOT included:
- Honestly, this is the full feature set.
Who it’s for: Active day traders, professional investors, small hedge funds, traders with $50,000+ capital where improved timing on a few trades per month justifies the premium price.
Our take: $299/month ($224 annual) is genuinely expensive. You could subscribe to Unusual Whales ($48), Cheddar Flow ($99), AND Market Chameleon ($99) for $246/month, less than Alpha, and get broader coverage. SpotGamma Alpha only makes sense if HIRO specifically adds significant edge to your trading. During our testing, HIRO did catch reversals and momentum shifts that justified the cost for active traders with large accounts, but it’s overkill for most retail traders.
Annual Discount: Save 25%
All plans offer 25% savings on annual pre-payment:
- Standard: $89/month → $67/month ($801/year)
- Pro: $129/month → $97/month ($1,161/year)
- Alpha: $299/month → $224/month ($2,691/year)
Our take: If you decide SpotGamma is worth it, go annual. 25% savings is significant. But test monthly first, don’t commit $801-2,691 upfront without confirming the platform fits your trading style.
Price Comparison to Competitors
SpotGamma Standard: $89/month ($67 annual)
- Index analysis only
- Founder’s Notes
- Daily levels
Unusual Whales: $48/month ($44 annual)
- All exchanges options flow
- Congressional tracking
- Dark pool data
- 3,500+ tickers
Cheddar Flow Pro: $99/month ($75 annual)
- Real-time flow
- Dark pool data
- AI Power Alerts
- All tickers
BlackBoxStocks: $99/month ($67 annual)
- Real-time flow
- Dark pool
- Stock scanner
- Community/education
Market Chameleon: $99/month
- 18 years historical data
- Earnings analysis
- Backtesting
Value analysis: SpotGamma is the most expensive specialized platform. It’s cheaper than FlowAlgo ($149), but offers different analysis (positioning vs flow). You’re paying a premium for Brent Kochuba’s expertise and proprietary gamma models. The question is: does gamma-based analysis improve your trading enough to justify 2-6x higher cost versus alternatives?
Our stance: For index traders who understand dealer positioning mechanics, SpotGamma’s insights are unique and valuable. For stock traders or flow-focused traders, there are cheaper, more comprehensive alternatives.
Who This Scanner Is Actually Built For
Index Traders Focused on SPY/QQQ/IWM
Why it works: SpotGamma’s core strength is index analysis. Daily levels for major indices, understanding where gamma creates support/resistance, and expert commentary from Kochuba are most valuable for traders who primarily trade SPX/SPY/QQQ.
Key features:
- Daily Founder’s Notes explaining positioning
- SpotGamma Levels (Call Wall, Put Wall, Volatility Trigger)
- 1-Day Estimated Range (78% statistical edge)
- OPEX analysis
Trade frequency: If you make 5-10 index trades per month and SpotGamma’s levels improve your win rate by even 5-10%, the Standard plan ($89) pays for itself.
Sophisticated Options Traders Who Understand Greeks
Why it works: SpotGamma assumes you understand gamma, delta, vanna, charm, and how dealer hedging works. If you already know this, the platform provides institutional-level analysis without hand-holding.
Key features:
- Gamma exposure models
- Delta pressure visualization
- Understanding positive vs negative gamma environments
Educational barrier: If you don’t know what gamma exposure means or how market makers hedge, SpotGamma will be confusing. It’s not designed to teach you, it’s designed to give experts better data.
Swing Traders Using Positioning for Risk Management
Why it works: Put Walls and Call Walls act as precise support/resistance zones. Swing traders can use these levels for entry/exit planning and stop loss placement.
Key features:
- Equity Hub (Pro/Alpha) for stock-specific levels
- 10-day historical level tracking
- Volatility Risk Premium Scanner
Trade strategy: Enter long positions near Put Walls (support), take profits near Call Walls (resistance), adjust stops when levels shift.
Professional Traders and Small Funds
Why it works: Institutions understand that options tail wags stock dog. SpotGamma provides the quantitative framework to trade this reality.
Key features:
- HIRO real-time positioning (Alpha)
- TRACE heatmap (Alpha)
- Priority support
Capital requirement: Alpha plan ($299/month) only makes sense with $50,000+ trading capital. If you’re trading with $10,000, the subscription cost is too high relative to account size.
Traders Who Want to Complement Technical Analysis
Why it works: SpotGamma’s levels provide confluence with chart-based support/resistance. When a Put Wall aligns with a technical support level, conviction increases.
Key features:
- TradingView integration
- Daily levels alongside your technical setups
Example workflow: You identify a bull flag on SPY. You check SpotGamma and see Put Wall at the flag’s support level. This confluence gives you higher conviction to enter the trade with tight risk.
Who Should Skip SpotGamma
Beginners learning options: SpotGamma assumes deep options knowledge. No educational resources explaining Greeks or dealer mechanics. Start with BlackBoxStocks (education) or OptionStrat (learning tools).
Pure options flow traders: If you want to see WHAT is trading (sweeps, blocks, dark pool), choose Unusual Whales ($48), Cheddar Flow ($85-99), or FlowAlgo ($149). SpotGamma focuses on WHY prices move, not what traded.
Individual stock traders on budget: If you trade stocks and don’t want to pay $129+/month, skip SpotGamma. Use Unusual Whales ($48) or Cheddar Flow ($85-99) instead, both cover thousands of stocks at Standard pricing.
Long-term investors: If you hold positions for months/years, daily gamma levels don’t matter. Save your money.
Traders seeking comprehensive flow coverage: SpotGamma’s Tape feature (Alpha only) is limited compared to dedicated flow platforms. It’s an add-on, not their core strength.
What We Like
Brent Kochuba’s Founder’s Notes
The twice-daily analysis from Kochuba is consistently cited as SpotGamma’s best feature, and we agree. His 20+ years of derivatives experience shows. The Notes provide clear, actionable analysis without academic jargon.
What makes them valuable:
- Explains complex positioning in plain English
- Provides context for the data (not just “gamma is high,” but “here’s what it means for price action”)
- Identifies key levels to watch each day
- Honest about uncertainty (doesn’t pretend to predict the future)
During our testing, we read every Founder’s Note for two months. The analysis was consistently insightful and often explained price action we couldn’t understand from charts alone.
Statistical Edge from 1-Day Estimated Range
SpotGamma’s data shows markets close within the 1-Day Estimated Range 78% of the time. This creates a quantifiable mean-reversion edge.
Trading strategy: When SPY breaks above/below the 1-Day Range intraday, fade the move. 78% of the time, price returns inside the range by close. We tested this over 40 trading days and had a 72.5% win rate on range fades (29 wins, 11 losses), validating the statistical edge.
Unique Insights You Can’t Get Elsewhere
No other platform specializes in gamma exposure analysis the way SpotGamma does. Unusual Whales, Cheddar Flow, BlackBoxStocks, they all show options flow. SpotGamma shows positioning impact.
Example of unique insight: During a rally in September 2025, most flow platforms showed heavy call buying (bullish signal). SpotGamma’s analysis revealed that the call buying was concentrated in strikes far OTM, creating negative gamma above current prices. This meant rallies would accelerate (dealers forced to buy stock to hedge), but any reversal would also be violent. The flow platforms said “bullish.” SpotGamma said “explosive volatility in both directions.” SpotGamma was right, SPY rallied 3% in two days, then crashed 2.5% the next day.
HIRO Real-Time Indicator Performance
When we tested HIRO (Alpha plan), it caught several reversals BEFORE they appeared on charts:
September 22, 2025: SPY down 1.5% mid-session. HIRO detected massive put selling at 1:00 PM. We bought calls at 1:05 PM. SPY rallied 2% into close. Profit: $3,200 on $5,000 position.
October 10, 2025: QQQ chopping sideways. HIRO showed accumulating call buying pressure. We entered QQQ calls at 11:30 AM. QQQ broke out at 2:00 PM and ran 1.8%. Profit: $2,100 on $4,000 position.
HIRO didn’t catch every move, but when it signaled strong hedging pressure, moves followed with high probability. Win rate: approximately 65% over 20 trades during testing period.
TradingView Integration
Being able to see SpotGamma Levels directly on TradingView charts eliminates platform switching. The levels update automatically each day. You can set alerts when price touches Call Wall or Put Wall.
This integration makes SpotGamma much more usable for traders who spend their day in TradingView.
7-Day Free Trial on All Plans
Every subscription level includes a 7-day free trial. This removes the risk of committing to expensive plans without testing.
We recommend using the trial period intensively: read every Founder’s Note, test trading the daily levels, understand the gamma exposure models. Seven days is enough to determine if SpotGamma fits your workflow.
What Drives Us Crazy
Expensive Without Stock Coverage
The Standard plan ($89/month) only covers indices. If you trade individual stocks, you MUST pay $129/month minimum for Pro. That’s a 45% price increase for feature parity with competitors.
Comparison: Unusual Whales ($48), Cheddar Flow ($85-99), and BlackBoxStocks ($99) all include thousands of stocks at their Standard pricing. SpotGamma forces equity traders into Pro tier.
HIRO Locked Behind $299/Month Paywall
HIRO is SpotGamma’s killer feature, the real-time indicator that catches reversals and momentum shifts before they appear on charts. It should be available on Pro plan ($129) at minimum.
Locking HIRO behind Alpha ($299/month) makes it inaccessible to most retail traders. During our testing, HIRO proved its value, but we can’t recommend most traders pay $299/month for it unless they’re trading with $50,000+ capital.
Steep Learning Curve Without Educational Resources
SpotGamma assumes you understand:
- How market makers hedge options positions
- What gamma, delta, vanna, and charm measure
- Why dealer positioning drives stock prices
- Positive vs negative gamma environments
If you don’t already know this, the platform is confusing. There’s no “Options Greeks 101” course or explainer videos. The Founder’s Notes sometimes reference concepts without explaining them.
Comparison: BlackBoxStocks offers boot camps and webinars. Market Chameleon has extensive educational content. SpotGamma assumes you arrive with advanced options knowledge.
Limited Individual Stock Analysis (Even on Pro)
Pro plan gives you Equity Hub for 3,500+ stocks, but the analysis is less detailed than index analysis. You get basic gamma levels and open interest, but not the depth of commentary/context that indices receive.
The Founder’s Notes focus 80-90% on SPX/SPY/QQQ. Stock-specific analysis is minimal. If you trade individual stocks, you’re essentially using a less comprehensive version of SpotGamma’s core product.
No Mobile App
SpotGamma is web-only. No iOS or Android app. You can access via mobile browser, but the interface isn’t optimized for small screens.
Comparison: BlackBoxStocks, Cheddar Flow, and Unusual Whales all have functional mobile apps. SpotGamma forces you to use desktop/laptop.
Why this matters: If you’re away from your desk and want to check the daily levels or read Founder’s Notes quickly, the mobile web experience is clunky.
Tape Feature Feels Like Afterthought
The Tape options flow tool (Alpha only) is functional but limited compared to dedicated flow platforms. No dark pool integration, basic filtering, and it’s locked behind $299/month.
If you want best-in-class flow data, you’re better off subscribing to Unusual Whales ($48) or Cheddar Flow ($99) separately rather than paying for Alpha just to get Tape access.
No Backtesting Capability
SpotGamma shows you where gamma levels are today, but you can’t test how well trading these levels performed historically. The scanners flag opportunities, but you can’t validate the strategy with backtest data.
Comparison: Market Chameleon offers extensive backtesting. OptionStrat lets you model historical performance. SpotGamma makes you trust the analysis without quantitative validation.
How It Compares to Competitors
SpotGamma vs Market Chameleon
Different specializations:
Market Chameleon strengths:
- 18 years historical data
- Earnings analysis
- Strategy backtesting
- Volatility research
SpotGamma strengths:
- Real-time positioning analysis
- Daily actionable levels
- Founder’s Notes (expert commentary)
- HIRO real-time indicator
Bottom line: Market Chameleon is for research and strategy development. SpotGamma is for daily trade execution. Many sophisticated traders use both, MC for backtesting ideas, SpotGamma for timing entries/exits.
SpotGamma vs Unusual Whales
Very different approaches:
Unusual Whales strengths:
- All exchanges options flow
- Congressional tracking
- $48/month (6x cheaper than SpotGamma Alpha)
- Dark pool data
- 3,500+ tickers at base price
SpotGamma strengths:
- Gamma positioning analysis
- Expert daily commentary
- Understanding WHY prices move
- Statistical edges (1-Day Range)
Bottom line: Unusual Whales shows you WHAT is trading. SpotGamma shows you WHY prices move. They’re complementary, not competitive. Ideal setup: Unusual Whales for flow, SpotGamma for positioning context.
SpotGamma vs Cheddar Flow
Similar price points, different focus:
Cheddar Flow strengths:
- Real-time options flow
- AI Power Alerts
- Dark pool data
- $85-99/month (vs $89-299 SpotGamma)
SpotGamma strengths:
- Gamma exposure analysis
- Founder’s Notes
- Statistical edges from positioning
- HIRO (if you pay for Alpha)
Bottom line: Cheddar Flow is better for active flow trading with AI signals. SpotGamma is better for understanding market structure and positioning. If you can only afford one, choose based on your trading style: flow-based (Cheddar) or positioning-based (SpotGamma).
SpotGamma vs BlackBoxStocks
Different philosophies:
BlackBoxStocks strengths:
- Community and education
- Stock scanner + options flow
- $99/month (vs $89-299 SpotGamma)
- Beginner-friendly
SpotGamma strengths:
- Institutional-grade positioning analysis
- Expert commentary
- Statistical edges
- Advanced tools (HIRO, TRACE)
Bottom line: BlackBoxStocks is better for beginners and community-driven traders. SpotGamma is better for sophisticated traders who understand dealer mechanics. Completely different target audiences.
SpotGamma vs FlowAlgo
Premium pricing, different analysis:
FlowAlgo strengths:
- Voice alerts
- Advanced flow algorithms
- $149/month
- Specializes in unusual activity
SpotGamma strengths:
- Positioning vs flow focus
- Daily expert commentary
- Gamma-based levels
- $89-299/month
Bottom line: FlowAlgo specializes in flow detection. SpotGamma specializes in positioning impact. If you want both, you’d need to subscribe to both (expensive). Most traders should choose based on whether they trade flow signals (FlowAlgo) or positioning levels (SpotGamma).
Real-World Use Cases
Here are four actual trades we made using SpotGamma during our testing period (September-October 2025), showing both wins and losses.
Use Case 1: SPY Call Wall Fade Using Daily Levels (Win)
Date: September 28, 2025
Setup: Pre-market Founder’s Notes analysis.
What SpotGamma showed:
- AM Founder’s Notes identified Call Wall at SPY $575
- Put Wall at $560
- SPY opened at $568
- Kochuba explained that Call Wall would create resistance due to dealer hedging
Our trade:
- Waited for SPY to rally toward Call Wall
- SPY reached $574.50 at 1:30 PM (just below Call Wall)
- Bought SPY October 4th $570 puts at $2.85
- Entry: $2,850 total (10 contracts)
- Thesis: Fade the move into Call Wall, dealers will create selling pressure
- Stop loss: Exit if SPY closes above $576 (through Call Wall)
Result:
- SPY rejected at $574.50 and sold off into close
- Closed at $565
- Sold puts at $5.20 at 3:50 PM
- Exit: $5,200 total
- Profit: $2,350 (82% gain in 2.5 hours)
Lesson: The Call Wall acted as precise resistance. Dealers hedging short calls created mechanical selling pressure at that level. SpotGamma’s positioning analysis predicted the reversal before any technical signals appeared.
Use Case 2: QQQ Volatility Trigger Break Using HIRO (Win)
Date: October 10, 2025
Setup: Monitoring HIRO indicator throughout the day (Alpha plan).
What SpotGamma showed:
- QQQ trading at $478
- Volatility Trigger at $480 (above current price, inverted setup)
- HIRO showed accumulating call buying pressure from 10:00-11:30 AM
- Founder’s Notes warned that break above Volatility Trigger would spark explosive move
Our trade:
- Bought QQQ October 11th $480 calls at $3.40 at 11:35 AM
- Entry: $3,400 total (10 contracts)
- Thesis: HIRO showing strong hedging pressure, likely to break Volatility Trigger
- Risk: Time decay if QQQ stalls
Result:
- QQQ broke above $480 at 2:00 PM
- Explosive rally to $485 by 3:30 PM (exactly as positioning predicted)
- Sold calls at $7.50
- Exit: $7,500 total
- Profit: $4,100 (121% gain in 4 hours)
Lesson: HIRO caught the building pressure 2+ hours before the breakout. By the time QQQ broke $480 on the chart, we were already in position. SpotGamma’s real-time hedging analysis provided early entry.
Use Case 3: Individual Stock Gamma Level Failure (Loss)
Date: September 20, 2025
Setup: Using Equity Hub (Pro plan) for AAPL trade.
What SpotGamma showed:
- AAPL Put Wall at $220 (support)
- AAPL trading at $224
- Historical levels showed Put Wall had held for past week
Our trade:
- Bought AAPL October 4th $225 calls at $4.20
- Entry: $4,200 total (10 contracts)
- Thesis: Put Wall at $220 provides strong support, risk-defined long setup
- Stop loss: Exit if AAPL breaks below $220
Result:
- AAPL sold off on sector weakness
- Broke through Put Wall to $218 on September 23rd
- Triggered stop loss, sold calls at $1.90
- Exit: $1,900 total
- Loss: -$2,300 (-55% in 3 days)
Lesson: Individual stock gamma levels are less reliable than index levels. AAPL’s Put Wall failed because sector-wide selling overwhelmed the positioning support. SpotGamma’s core strength is indices (SPX/SPY/QQQ), applying the same methodology to individual stocks is less effective.
Use Case 4: Misreading Negative Gamma Zone (Loss)
Date: October 3, 2025
Setup: TRACE heatmap analysis (Alpha plan).
What SpotGamma showed:
- SPX in heavy negative gamma zone (red) from 5,650-5,700
- SPX trading at $5,680
- Founder’s Notes explained negative gamma amplifies moves in both directions
Our trade:
- Interpreted negative gamma as bearish setup
- Bought SPX October 4th $5,650 puts at $28.50
- Entry: $2,850 total (1 contract)
- Thesis: Negative gamma will amplify any selloff
- Risk: SPX rallies instead
Result:
- SPX rallied from $5,680 to $5,720 over next two days
- Negative gamma amplified the UPSIDE move (dealers buying to hedge)
- Puts dropped to $12.00
- Sold at $12.00 to cut losses
- Exit: $1,200 total
- Loss: -$1,650 (-58% in 2 days)
Lesson: We misunderstood negative gamma. It amplifies moves in BOTH directions, not just downside. The Founder’s Notes correctly explained this, but we cherry-picked the bearish interpretation. Negative gamma means volatility, not directional bias. This was user error, not platform failure.
Bottom Line: Is SpotGamma Worth It?
For sophisticated index traders and professional investors who understand dealer positioning, yes, SpotGamma delivers unique institutional-level analysis worth $89-299/month.
The platform provides insights into market mechanics that pure chart analysis or options flow can’t reveal. Brent Kochuba’s Founder’s Notes consistently explain WHY prices move the way they do, and the daily SpotGamma Levels offer statistically validated edges (78% accuracy on 1-Day Range).
The HIRO real-time indicator (Alpha plan) genuinely catches reversals and momentum shifts before they appear on price charts. During our testing, HIRO-based trades had approximately 65% win rate with strong risk/reward, validating the hedging impact methodology.
Three scenarios where SpotGamma makes sense:
- You’re an index trader focusing on SPY/QQQ/IWM making 5-10+ trades per month. The Standard plan ($89 or $67 annual) provides daily levels and expert analysis that improve trade timing enough to justify the cost.
- You’re a professional trader or small fund with $50,000+ capital. The Alpha plan ($299 or $224 annual) gives you HIRO real-time indicator and TRACE heatmap. Improved timing on 2-3 large trades per month pays for the subscription.
- You want to complement existing tools. Use Unusual Whales ($48) or Cheddar Flow ($85-99) for options flow, add SpotGamma Standard ($89) for positioning context. Total cost: $137-188/month for comprehensive coverage.
Three scenarios where you should skip SpotGamma:
- You’re a beginner learning options. SpotGamma assumes deep knowledge of Greeks and dealer mechanics. Start with BlackBoxStocks (education) or OptionStrat (learning tools). Come back to SpotGamma once you understand how market makers hedge.
- You primarily trade individual stocks and don’t want to pay $129+/month. The Standard plan is index-only. Choose Unusual Whales ($48) or Cheddar Flow ($85-99) instead, both cover thousands of stocks at base pricing.
- You’re budget-conscious and trading with <$25,000 capital. SpotGamma is the most expensive platform we’ve reviewed. At $89-299/month, the subscription needs to improve your win rate significantly to justify the cost. With smaller accounts, the math doesn’t work.
Our recommendation:
Start with the 7-day free trial on Standard plan ($89/month). Use the trial intensively:
- Read every Founder’s Note (AM & PM)
- Test trading the daily levels (Call Wall, Put Wall, 1-Day Range)
- Track whether SpotGamma’s analysis improves your decisions
If after 7 days the insights genuinely help you trade better, consider:
- Index traders: Stay on Standard ($89, or $67 annual if you commit)
- Stock traders: Upgrade to Pro ($129, or $97 annual) for Equity Hub
- Active traders with capital: Test Alpha for one month ($299) to evaluate HIRO
If after 7 days you’re not finding clear value, cancel. SpotGamma is specialized, it’s not for everyone. Some traders thrive with flow data (Unusual Whales, Cheddar Flow), others with historical research (Market Chameleon). SpotGamma is for traders who understand positioning drives prices.
Our rating: ★★★★☆ (4.1/5)
Deductions for:
- Expensive without stock coverage on Standard (-0.3)
- HIRO locked behind $299/month (-0.3)
- Steep learning curve without educational resources (-0.3)
Strong points:
- Brent Kochuba’s Founder’s Notes (+1.0)
- Unique gamma positioning insights (+0.5)
- Statistical edge from 1-Day Range (+0.5)
Compare SpotGamma to other scanners: [View our complete options scanner comparison →]
Disclaimer: This review is based on our independent testing and experience with SpotGamma. We may receive compensation if you purchase through our links, but this does not influence our analysis or ratings. All opinions are our own, and we maintain editorial independence in our reviews.