# Tape

Candles with the gamma profile drawn beside price, the regime and the wall nearest the action.

The **Tape** widget puts the session's candles and the **gamma profile** in one
view: price on the left, the dealer gamma at each strike drawn as horizontal
bars at the same price scale. The header shows the regime (**LONG Γ** or
**SHORT Γ**), when the data last updated and the spot price. The call wall,
put wall, flip and vol trigger are drawn across the whole chart.

## What it shows

| Element | What it is |
|---|---|
| **Candles** | The session, in 5-minute bars |
| **Gamma profile** (bars) | Dealer gamma per strike: green long, red and orange short |
| **CALL WALL / PUT WALL** | The largest call and put gamma strikes |
| **FLIP** | Where dealer gamma changes sign |
| **VOL TRIGGER** | The line under which volatility tends to expand |
| **SPOT** | The current price |

In **Details** you can switch the profile to delta, vanna or charm, or to the
session's traded options profile instead of open positioning.

## Practical application

![Tape widget, illustrative example: NQ rallies into the call wall and is rejected](https://q-bitf.com/docs-img/tape.png "Illustrative example data, not a real session. NQ in LONG Γ: price rallies from about 26,950 to the call wall at 27,250 by midday, is rejected, and settles at 27,075.")

**Reading it.** The regime reads **LONG Γ**: price is well above the flip at
26,850. From the open, NQ climbs steadily from about 26,950 straight into the
call wall at 27,250, the biggest green bar in the profile. It touches it around
12:20 PM, cannot hold above it, and drifts back down through the afternoon to
settle at 27,075. Everything between price and the flip is green: long gamma
all the way down.

**What it means.** In long gamma, dealer hedging leans against moves, and the
largest bar is where that is strongest. The rally ran out of room at exactly
the strike the profile said it would.

**How to use it.**

- **Price approaching the biggest green bar in LONG Γ:** expect it to slow and
  stall there. Take profits on longs, or look for a fade with a stop just
  beyond the wall.
- **Green bars below price:** pullbacks are likely to be bought on the way to
  the flip.
- **Red bars below price in SHORT Γ:** nothing in the profile is likely to
  cushion a drop; give moves more room.
- **A wall price has just broken back under:** often acts as resistance on the
  next bounce.