The average investor watching CNBC sees a market driven by earnings, Fed policy, and economic data. What they don’t see is the multi-trillion-dollar derivatives market operating behind the curtains, where a complex and often misunderstood force is increasingly dictating short-term price action: gamma. The explosive growth in zero-day-to-expiration (0DTE) options and retail trading has created a feedback loop where the options market no longer just reflects sentiment—it actively drives it. We are living in the age of the Gamma Trap, a phenomenon where the hedging activities of market makers can amplify moves,...