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Dealer context · Supporting

Atlas: give the flow a location

Under the Price EditorialUpdated 2 min read
THE SHORT ANSWERAtlas places price next to estimated dealer levels. We want to know whether a CVD move matters more near one of those levels than it does in the middle of a range. We have not tested that idea yet.
Platform & relationship disclosure. Amon Hen is built by HelmFi ↗. We proposed and helped refine its options CVD feature. HelmFi compensated the trader behind Under the Price for an introductory video. That payment was for the video only; HelmFi is not paying for this website or its articles. Charts are used with permission; interpretations here are our own. Read the disclosure.

Understand what the map estimates

Amon Hen estimates dealer exposure from open interest and option Greeks. Its model treats calls as positive dealer gamma and puts as negative. Because open interest updates once a day, the map is an estimate, not a live view of dealer positions.

The gamma flip is where the model crosses zero. Call and put walls mark large gamma levels. The king node is the largest gamma level in either direction. Expected move uses the nearest expiration after 0DTE.

Choose the reference before the event

Mark the Atlas level before the flow event happens. Record why it matters, how far it is from price and which day’s map it came from.

When options flow surges into that level, watch whether price breaks through, stalls or turns away. Adding the line after the move would tell us much less.

Watch what price does at the level

We could compare CVD reversals near a wall with the same pattern elsewhere. We could also track what happens when SPX, SPY and QQQ agree as price crosses the gamma flip.

Keep the failures too. Price may pass through a wall, and a CVD divergence may continue for a long time. Those examples still count.

Use the level that existed that day

Today’s Atlas levels cannot be used to judge an older chart. We need a saved Atlas snapshot from the same day as the CVD and price charts.

Until we have those snapshots, the September 8 studies will use only the flow and price charts we saved that day.

How Atlas fits for now

Options CVD and futures cumulative delta are the main focus. Atlas is the next tool we want to study with saved examples.

We will start with a small question and keep the journal consistent. If an Atlas level removes as many good setups as bad ones, we need to know that. This guide will grow as we save matching charts.

Sources & further reading

References support the calculations and platform descriptions. Interpretations and research questions are our own; chart studies do not establish tested performance.

Platform details reviewed September 9, 2026. Features may change.

About the perspective

Under the Price brings a trading perspective dating to 1997 to futures cumulative delta, options flow and the process of studying unusual market behavior. We explain the observation, its possible interpretation and the evidence still needed.

How we approach evidence and editorial review →

Educational information only. Trading involves risk. Read the full disclaimer.