Gamma Exposure

Gamma Exposure plots dealer net gamma positioning by strike for any liquid US underlying, surfacing the zero-gamma flip level, max-pain strike, and the long-vs-short-gamma regime that governs intraday volatility.

Gamma Exposure (GEX) plots dealer net gamma positioning by strike for any liquid US underlying. Bars show net dealer gamma at each strike; vertical reference lines mark spot and the zero-gamma flip level. The header strip carries the running totals — SPOT, ZERO GAMMA, MAX STRIKE, TOTAL GEX.

The gamma-exposure (GEX) view — dealer gamma by strike with key gamma levels

What it is

An aggregation of the full options chain into dealer net gamma per strike. Positive bars mean dealers are long gamma at that strike — they hedge by selling rips and buying dips, which dampens volatility and pins price. Negative bars mean dealers are short gamma — they hedge by buying rips and selling dips, which amplifies volatility and accelerates moves. The flip point between regimes is the zero-gamma level. See /glossary/gamma-exposure for the full pillar.

When to use it

Before any 0DTE or weekly trade on SPX/SPY/QQQ. Pre-CPI, pre-FOMC, pre-NFP, pre-earnings on a high-IV single name. Anytime price is approaching a major strike and you want to know whether dealers will lean against the move (long gamma = mean-reversion) or chase it (short gamma = momentum). The intraday tell: if spot crosses the zero-gamma line during the session, volatility regime is changing in real time.

Open it

Path: /gex (defaults to SPY) or /gex/<TICKER>
Shortcut: none
Tier-gate: Pro and above — Free shows the upgrade gate

How to use it

Open /gex. SPY loads by default. Quick-pick chips above the chart cover SPY, QQQ, IWM, AAPL, NVDA, TSLA, META, AMZN.
Type any ticker in the symbol input and hit GO to load a custom name. The URL updates to /gex/<TICKER> so the link is shareable.
Read the four stat cards. SPOT is the current underlying price. ZERO GAMMA is the strike where net dealer gamma flips sign — if spot is above, the sub-label reads Long gamma (pinning); below, Short gamma (volatile). MAX STRIKE is the strike carrying the largest absolute net gamma — the pin candidate. TOTAL GEX is the dollar-gamma sum across all surveyed expirations.
Read the bar chart. X-axis is strike; Y-axis is net dealer gamma in dollars per 1% move. Green bars above zero, red bars below. The green dashed vertical line marks spot; the gray dashed line marks zero-gamma. Look for the cluster of large positive bars near spot (pinning) or the wall of negative bars below spot (squeeze candidate).
Cross-reference with Options Flow — heavy unusual call buying near a positive gamma cluster often defends the level; heavy put buying below the zero-gamma line accelerates downside.
Hit refresh (top right) to re-pull. The aggregation re-runs from the live chain.

Fields

Stat	What it is
`SPOT`	Current underlying price
`ZERO GAMMA`	Strike where net dealer gamma flips from positive to negative — the volatility regime line
`MAX STRIKE`	Strike with the largest absolute net gamma; the most likely pin into expiration
`TOTAL GEX`	Net dollar gamma summed across the next six expirations

Bar	What it is
Above zero (green)	Dealers net long gamma at that strike — hedging is mean-reverting
Below zero (red)	Dealers net short gamma at that strike — hedging is momentum-following

Limits

Coverage: the next six expirations from the current chain
Universe: any underlying with a listed options chain on US exchanges; indices and high-volume single names give the cleanest reads
Refresh: on-demand only — hit the refresh button or reload the page; GEX is computed fresh from the live options chain on each request, not streamed continuously
Assumptions: standard market-maker positioning model (long calls/short puts from retail-side flow); systematic vol-selling funds and exotic dealer books are not separately modeled
Negative-gamma regimes underestimate true vol because the model assumes static delta-hedging at strike, not continuous re-hedging at vol-of-vol
Index GEX (SPX/SPY) is the most reliable; single-name GEX with sparse OI can produce noisy bars at off-the-run strikes

Troubleshooting

No gamma data available for this symbol. The chain is too thin to aggregate — common on illiquid mid-caps and most names under $5B market cap. Stick to S&P 500 names and the major ETFs for usable signal.

ZERO GAMMA shows -. Net gamma is monotonic across the surveyed strike range (e.g., all positive). No flip point exists within the chain — the underlying is unambiguously long-gamma or short-gamma at every modeled strike.

MAX STRIKE is far from spot. The market is positioned for a binary outcome at that strike (earnings, FDA, macro). Treat it as a magnet on the day of the event, not a pin every day until then.

Bars look the same as yesterday. You haven't hit refresh. The page does not auto-poll — the aggregation is expensive enough that we make refresh manual.