October 20 Recap: SPX GEX Widens to −$36.72B as SPY and IWM Turn Positive10 月 20 日复盘：SPX GEX 扩大至 −$36.72B，SPY 与 IWM 转为正

SPX net GEX widened from −11B on October 19 to −36.72B on October 20, while SPY (−2.15 to +0.95) and IWM (−0.91 to +0.97) turned Positive. Single-name premium fell for a third straight edition, from $14.2B to $12.6B (−11%), less than half of October 15's $27.1B.

$12.6B, 60% calls, 25% bullish versus 26% bearish. MU led at $1.2B Mixed; three of six index GEX rows were Positive.

Open Daily Market Recap or the October 20 session. Sign-in and a paid entitlement may be required.

What the recap printed

Test app, session 2026-10-20, KPI. Captured October 21, 2026 (Pacific time).

Sentiment bars: Neutral $6.2B, Bearish $3.2B, Bullish $3.1B.

Test app, session 2026-10-20, Step 1. Captured October 21, 2026 (Pacific time).

What changed since October 19

The call share and the balanced tone did not change; the bearish share rose two points. Premium has now fallen from $27.1B (October 15) to $18.8B, $14.2B, and $12.6B.

Leaders: where premium concentrated

Test app, session 2026-10-20, Step 2. Captured October 21, 2026 (Pacific time).

TSLA was the only Bullish name in the top six; NVDA moved from Mixed to Bearish, SNDK fell out of the top six, and SPCX entered it. Every top-six name showed more call than put premium.

The bottom line and glance print MU at $1.1B; the leaders table and headline cards print $1.2B.

Test app, session 2026-10-20, Bottom line / glance. Captured October 21, 2026 (Pacific time).

Exposure and volatility context

The glance lists AAPL +0M shares-equiv. as largest Net DEX and MU 80% as largest Net DEI magnitude. Step 4 pairs MU's 80% with a Negative Net DEX sign; the leader on October 19 was TSLA at 217%.

Step 5's highest IV rank among active names is AAPL 62 / 100, with 28.0% 30-day implied volatility, against AAPL's 63 / 100 and 28.2% on October 19.

Index GEX: SPX −36.72B, three rows Positive

Test app, session 2026-10-20, Step 6 · T+1. Captured October 21, 2026 (Pacific time).

The index rows split. SPX deepened from −11 to −36.72 and NDX from −1.84 to −2.79, while SPY and IWM crossed from Negative to Positive and DIA rose from +0.04 to +0.2. On October 16 every row but DIA had been Negative, with SPX at −143.34.

Headline name: MU at $897

Test app, session 2026-10-20, Step 8. Captured October 21, 2026 (Pacific time).

Cards: last $897, premium $1.2B, 55% calls, 26% bullish, 63% average IV on traded contracts. On October 19 the cards read $905, $1.6B, 49% calls, 23% bullish, and 67%.

Test app, session 2026-10-20, Step 8 · prints. Captured October 21, 2026 (Pacific time).

The largest MU ticket was a $20M 1,300 put expiring 2026-11-20, tagged Neutral, at more than twice the $8M top tickets of October 16 and 19. Two of the top six expire that same week, on 2026-10-23; on October 19 all six shared the 2027-01-15 expiry.

Movers: SLS +19.7%

Test app, session 2026-10-20, Step 7. Captured October 21, 2026 (Pacific time).

Bottom line: SLS +19.7%. Step 7: SLS 19.8%, Up. Across eight runs each field printed 19.4% once, including the Step 7 key in the run captured here. October 19's largest gain was NAUT +30%.

What this session is evidence of

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for October 20, 2026, captured on October 21 (Pacific time). Eight runs between 5:22 and 6:34 AM Pacific printed the same figures apart from the SLS move above, including identical index GEX before and after 9:30 AM Eastern. It is a completed-session report, not a trade recommendation.

Two clocks apply. Premium, sentiment, and prints describe the session tape; GEX and IV are the recap's T+1 / prior-close snapshots, not a live intraday gamma map. Neutral premium supplies no direction, and call share is option type, not bullish sentiment. Net DEI is an unsigned magnitude relative to typical activity; Net DEX is a separate signed classification, and a +0M reading rounds to zero. GEX is modeled chain structure under TradingFlow's dealer-sign convention, not observed dealer inventory, a support level, or the next session's direction. Ticket tags do not prove who bought or sold or whether a position opened, and intraday_pct is a first-to-last underlying-price proxy from the option tape, not a verified daily return.

Reproduce the findings

1. Open the October 20 recap; confirm Oct 20, 2026 in the session KPI.
2. Open the October 19 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
3. Compare MU's leaders-table tag, headline cards, and largest tickets on both days.
4. Read Steps 4–6 separately: exposure magnitude, volatility rank, and index structure.

TradingFlow App Home → Cookbooks → Daily Market Recap → select the completed session.

Related reading

• October 19 recap
• October 16 recap
• Daily Market Recap in Cookbooks
• Option flow · Gamma exposure · IV rank

SPX 净 GEX 从 10 月 19 日的 −11B 扩大至 10 月 20 日的 −36.72B，同时 SPY（−2.15 至 +0.95）与 IWM（−0.91 至 +0.97）转为 Positive。个股权利金连续第三期下降，从 $14.2B 降至 $12.6B（−11%），不到 10 月 15 日 $27.1B 的一半。

权利金 $12.6B，60% 为 call；看多 25%、看空 26%。MU 以 $1.2B Mixed 居首；六行指数 GEX 中有三行为 Positive。

打开 Daily Market Recap 或 10 月 20 日报告。可能需要登录及付费权限。

复盘显示了什么

测试应用，交易日 2026-10-20，KPI。采集于 2026 年 10 月 21 日（太平洋时间）。

情绪柱：Neutral $6.2B、Bearish $3.2B、Bullish $3.1B。

测试应用，交易日 2026-10-20，Step 1。采集于 2026 年 10 月 21 日（太平洋时间）。

与 10 月 19 日相比的变化

Call 占比与均衡情绪没有变化，看空占比上升 2 个百分点。权利金已从 $27.1B（10 月 15 日）依次降至 $18.8B、$14.2B 与 $12.6B。

活跃榜：权利金集中在哪

测试应用，交易日 2026-10-20，Step 2。采集于 2026 年 10 月 21 日（太平洋时间）。

TSLA 是前六名中唯一的 Bullish 标的；NVDA 从 Mixed 转为 Bearish，SNDK 跌出前六，SPCX 进入前六。前六名的 call 权利金均高于 put。

Bottom line 与速览显示 MU 为 $1.1B；活跃榜与焦点卡片显示 $1.2B。

测试应用，交易日 2026-10-20，Bottom line / glance。采集于 2026 年 10 月 21 日（太平洋时间）。

敞口与波动率背景

速览的最大 Net DEX 为 AAPL +0M shares-equiv.，最大 Net DEI 幅度为 MU 80%。步骤 4 中 MU 的 80% 对应 Negative Net DEX；10 月 19 日该项居首的是 TSLA 217%。

步骤 5 的活跃标的最高 IV rank 是 AAPL 62 / 100，30 天隐含波动率 28.0%；10 月 19 日为 AAPL 63 / 100、28.2%。

指数 GEX：SPX −36.72B，三行为 Positive

测试应用，交易日 2026-10-20，Step 6 · T+1。采集于 2026 年 10 月 21 日（太平洋时间）。

指数读数出现分化。SPX 从 −11 加深至 −36.72，NDX 从 −1.84 至 −2.79；SPY 与 IWM 由 Negative 转为 Positive，DIA 从 +0.04 升至 +0.2。10 月 16 日除 DIA 外全部为 Negative，SPX 为 −143.34。

焦点标的：MU 显示 $897

测试应用，交易日 2026-10-20，Step 8。采集于 2026 年 10 月 21 日（太平洋时间）。

卡片显示：最新价 $897、权利金 $1.2B、55% calls、26% bullish、成交合约平均 IV 63%。10 月 19 日的卡片为 $905、$1.6B、49% calls、23% bullish、67%。

测试应用，交易日 2026-10-20，Step 8 · prints。采集于 2026 年 10 月 21 日（太平洋时间）。

MU 最大一笔成交为 $20M 的 1,300 put，2026-11-20 到期，标签 Neutral，是 10 月 16 日与 19 日最大一笔（$8M）的两倍以上。前六笔中有两笔在同一周（2026-10-23）到期；10 月 19 日的前六笔全部为 2027-01-15 到期。

涨跌榜：SLS +19.7%

测试应用，交易日 2026-10-20，Step 7。采集于 2026 年 10 月 21 日（太平洋时间）。

Bottom line：SLS +19.7%。步骤 7：SLS 19.8%，Up。八次运行中，两个字段各有一次显示 19.4%，其中包括本文截图所用运行的步骤 7。10 月 19 日最大涨幅为 NAUT +30%。

这个交易日证明了什么

如何阅读这些数字

本期读取 TradingFlow 2026 年 10 月 20 日 Daily Market Recap，于 10 月 21 日（太平洋时间）采集。太平洋时间上午 5:22 至 6:34 之间的八次运行，除上文 SLS 涨幅外数字一致；美东时间 9:30 前后的指数 GEX 也完全相同。这是已完成交易日的报告，不是交易建议。

请分开两个时钟：权利金、情绪与成交记录描述当日成交；GEX 与 IV 是报告的 T+1 / 前收盘快照，不是实时盘中 gamma 地图。中性权利金不提供方向，call 占比是期权类型，不是看多情绪。Net DEI 是相对常态活跃度的无符号幅度；Net DEX 是独立的带符号分类，+0M 读数四舍五入为零。GEX 是 TradingFlow 做市商符号约定下的模型期权链结构，不是已观测的做市商库存、支撑位或下一交易日方向。成交标签不证明谁买谁卖或是否开仓；intraday_pct 是期权成交中标的价格从首笔到末笔的代理变化，不是核验过的日收益率。

复现这些读数

1. 打开 10 月 20 日报告，确认交易日 KPI 为 Oct 20, 2026。
2. 同时打开 10 月 19 日报告，对照 KPI、活跃榜与全部六行指数 GEX。
3. 对照两天 MU 的活跃榜标签、焦点卡片与最大成交。
4. 分开阅读步骤 4–6：敞口幅度、波动率排名与指数结构。

TradingFlow App Home → Cookbooks → Daily Market Recap → 选择已完成交易日。

相关阅读

• 10 月 19 日复盘
• 10 月 16 日复盘
• Cookbooks 中的 Daily Market Recap
• 期权资金流 · Gamma exposure · IV rank