On April 22, 2025, S&P 500 futures (ES) launched higher out of the gate in a powerful bullish opening drive, and SpotGamma tools offered a clear roadmap before the move began. TRACE signaled a high-volatility environment, with a low Stability Index and elevated Gamma sensitivity, while HIRO showed early bullish flow that confirmed market maker hedging pressure. Combined with precise Gamma levels from SPX and SPY, this setup offered traders a chance to ride the move with tight stops and high reward potential.
Here’s how SpotGamma’s tools helped identify the setup, time the entry, and manage the exit with clarity and confidence.
Author: Doug Pless
Professional Trader & SpotGamma Content Contributor
The Setup |
The Tools |
The Execution |
The Payoff |
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• Instrument: ES Futures (S&P 500) |
TRACE • Gamma Heatmap showed low Stability Index (5%) • Negative gamma environment indicated potential for sharp directional move HIRO • Showed strong early bullish flow: • Call buying and put selling pressure • Market makers forced to buy ES to hedge • Flow Alert triggered on SPY 520 breakout Bookmap (used for visual confirmation) • Price reaction around key gamma levels • Volume and liquidity zones guided entries/exits |
• Entry: 5255.75 (ES), after pullback to SPX 5225 Combo 2 level • Trade Trigger: Confirmed flow + price reaction to gamma support • Profit Targets: • SPX 5250 (ES 5278) • SPY 525 Large Gamma 2 (ES 5295) • SPX 5270.36 1-Day Move High (ES 5298.5) • Stop: 5 points below entry • Exit: Scaled out near or at targets — final exit around 5298.5 |
• Result: Profitable trade with multiple exits • Range Captured: Up to ~43 points from entry to final target • Flow Exhaustion: Confirmed by HIRO — call buying faded ~10 minutes after SPX 5270.36 hit • Key Lesson: TRACE + HIRO can guide both entry and exit in volatile conditions with clear gamma structure |
TRACE Gamma Heatmap (9:40 am ET)
SpotGamma HIRO Signal
Bookmap Chart
- Use TRACE to identify high-volatility opportunities — A low Stability Index and negative Gamma can signal strong directional potential early in the day
- HIRO confirms real-time options activity — Call buying and put selling at the open told us market makers would need to hedge by buying ES, adding fuel to the rally
- Gamma levels provide structure for entries and exits — SpotGamma’s SPX and SPY levels helped define pullback entries and layered profit targets
- Flow exhaustion signals the exit — HIRO showed bullish flow fading shortly after the final gamma target was reached, helping lock in profit at the right time
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