This is the total number of puts outstanding as of the close of business yesterday. The number of puts indicates how much investors believe in the market. This is not a proprietary SpotGamma metric and should be compared to the CP Gam Tilt and other SpotGamma Key Levels such as the Put Wall.
This is simple a tracked metric that lets you know how many puts are outstanding, and therefore, how much protection exists in the market. We would advise learning to use the Put Wall, Vol Trigger, and daily range.
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