Gex levels
XLF dealer gamma levels
| Level | Value | Meaning |
|---|---|---|
| Spot at snapshot | $53.4 | Underlying price the snapshot was computed from |
| Call wall | $55 | Strike with the largest positive dealer gamma |
| Put wall | $53 | Strike with the largest absolute negative dealer gamma |
| Zero gamma flip | $47.5 | Level where net gamma exposure changes sign |
| Net gamma sign | negative (short gamma: dealer hedging amplifies moves) | Above a flip: pinning. Below: amplification |
| Total GEX | $-29.1M | Dollars of dealer gamma exposure per 1% move |
| Snapshot time | 2026-10-01T05:18:20.998Z | Delayed snapshot, not a live quote |
How to read this
Dealers who sell options hedge their risk by trading the underlying stock. Gamma exposure (GEX) estimates how much dealer hedging pressure sits at each strike. The call wall is the strike with the largest positive dealer gamma: rallies tend to slow there as dealers sell into strength. The put wall is the strike with the largest negative gamma: selloffs tend to accelerate there as dealers sell into weakness. The zero gamma flip is the level where total exposure changes sign: above it, hedging dampens moves (pinning); below it, hedging amplifies moves. When no flip exists inside the tracked strikes, positioning is one-signed across the whole chain. This is a model with a standard assumption (dealers short calls, long puts), not an observable fact.
Related
XLF unusual options activity · XLF max pain · GEX and dealer gamma (Academy lesson) · What is GEX (glossary) · All tickers: options flow hub
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FAQ
What is the gamma exposure of XLF?
As of the 2026-09-30 snapshot, XLF traded at $53.4 with negative net gamma exposure: the zero gamma flip sits at $47.5. The call wall sits at $55 and the put wall at $53. Delayed snapshot.
What is a call wall and a put wall?
The call wall is the strike where dealers hold the most positive gamma, which tends to cap rallies as dealer hedging sells into strength. The put wall is the strike with the most negative gamma, where selloffs tend to accelerate as dealers sell into weakness.
How is GEX computed?
Per strike: gamma times open interest times 100 times spot squared times 0.01, signed positive for calls and negative for puts under the standard dealer posture. We sum across the next 6 expirations from a delayed chain snapshot.
Is this live?
No. Every level is a delayed snapshot stamped with its capture time. The live GEX panel for subscribers updates intraday.