{
  "timestamp": "2026-04-15T15:15:01.747622",
  "spot": 7023.0,
  "spot_source": "SPX",
  "narrative": "Premium sellers dominate. Pro Customers and Firms selling vol broadly. Customers pinning 7010-7035 range. MMs most exposed at 7035 (long $2327M). Smart money consensus high (1.00).",
  "participants": {
    "customer": {
      "stance": "LONG_PUTS",
      "net_gamma_b": 3.66,
      "dte0_gamma_b": 0.0,
      "delta_at_spot_b": -27.17,
      "tilt_above_pct": -0.0,
      "interpretation": "Buying protection. Net long gamma ($3.7B). negative delta ($27.2B)."
    },
    "pro_customer": {
      "stance": "PREMIUM_SELLER",
      "net_gamma_b": -2.72,
      "dte0_gamma_b": 0.0,
      "delta_at_spot_b": 18.46,
      "tilt_above_pct": -18.0,
      "interpretation": "Selling premium. Net short gamma ($2.7B). positive delta ($18.5B)."
    },
    "firm": {
      "stance": "PREMIUM_SELLER",
      "net_gamma_b": -6.6,
      "dte0_gamma_b": 0.0,
      "delta_at_spot_b": -41.93,
      "tilt_above_pct": 41.0,
      "interpretation": "Selling premium. Net short gamma ($6.6B). negative delta ($41.9B)."
    },
    "mm": {
      "stance": "LONG_GAMMA",
      "net_gamma_b": 5.13,
      "dte0_gamma_b": 0.0,
      "delta_at_spot_b": 23.38,
      "tilt_above_pct": -24.0,
      "interpretation": "Net long gamma \u2014 unusual for MMs. Net long gamma ($5.1B). positive delta ($23.4B)."
    }
  },
  "key_strikes": [
    {
      "strike": 7035,
      "dist": 12,
      "significance": "BATTLEGROUND",
      "participants": {
        "cust": -2452.6,
        "procust": -70.9,
        "firm": 197.7,
        "mm": 2327.0
      },
      "note": "Smart money (pros+firms) long $127M vs customers short. Resistance above."
    },
    {
      "strike": 7030,
      "dist": 7,
      "significance": "BATTLEGROUND",
      "participants": {
        "cust": 2005.5,
        "procust": -135.2,
        "firm": 109.6,
        "mm": -2144.1
      },
      "note": "Smart money (pros+firms) short $26M vs customers long. Resistance above."
    },
    {
      "strike": 7015,
      "dist": -8,
      "significance": "BATTLEGROUND",
      "participants": {
        "cust": 2031.6,
        "procust": -25.1,
        "firm": -74.3,
        "mm": -1930.2
      },
      "note": "Smart money (pros+firms) short $99M vs customers long. Support/target below."
    },
    {
      "strike": 7000,
      "dist": -23,
      "significance": "BATTLEGROUND",
      "participants": {
        "cust": 1642.3,
        "procust": -394.9,
        "firm": -501.6,
        "mm": -635.2
      },
      "note": "Smart money (pros+firms) short $896M vs customers long. Support/target below."
    },
    {
      "strike": 7070,
      "dist": 47,
      "significance": "MM_WALL",
      "participants": {
        "cust": -502.2,
        "procust": 0.2,
        "firm": -913.0,
        "mm": 1411.8
      },
      "note": "MMs massively long $1412M. Resistance above."
    }
  ],
  "regime": {
    "type": "PIN",
    "range_low": 7010,
    "range_high": 7035,
    "note": "Customer short gamma at 7010 and 7035 creates pin zone."
  },
  "directional_lean": {
    "direction": "NEUTRAL",
    "confidence": "HIGH",
    "reasons": [
      "\ud83d\udee1\ufe0f Strong POS GEX (5.13B) \u2014 dampened moves, mean-reverting",
      "ProCust net SHORT gamma \u2014 bearish (validated signal)",
      "Pin zone 7010-7035 \u2014 range-bound"
    ]
  },
  "catalyst_watch": [
    "Watch 7035 \u2014 battleground between participants",
    "Watch 7030 \u2014 battleground between participants"
  ],
  "smart_money_consensus": {
    "agreement": 1.0,
    "note": "Pros and firms running same trade \u2014 high agreement"
  }
}