§23 GAMMA_EXPOSURE¶
OVERVIEW¶
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 running totals across four stat cards.
What GEX measures
GEX aggregates the full options chain into dealer net gamma per strike. Positive bars mean dealers are long gamma — they hedge by selling rips and buying dips, dampening volatility and pinning price. Negative bars mean dealers are short gamma — they hedge by buying rips and selling dips, amplifying volatility and accelerating moves. The boundary between regimes is the zero-gamma level.
Tier gate: Pro and above. Free accounts see the upgrade gate.
ACCESS¶
| Method | Value |
|---|---|
| Default path | /gex — loads SPY |
| Custom ticker | /gex/<TICKER> |
| Keyboard shortcut | None |
Quick-pick chips above the chart cover SPY, QQQ, IWM, AAPL, NVDA, TSLA, META, and AMZN. Type any ticker in the symbol input and hit GO to load a custom name. The URL updates to /gex/<TICKER> and is shareable.
WHEN TO USE¶
- Before any 0DTE or weekly trade on SPX, SPY, or QQQ
- Pre-event sessions: CPI, FOMC, NFP, or earnings on a high-IV single name
- When price is approaching a major strike and you need to know whether dealers will lean against the move or chase it
- Intraday: if spot crosses the zero-gamma line during the session, the volatility regime is changing in real time
Regime signal
Long gamma above zero-gamma = mean-reversion environment. Short gamma below zero-gamma = momentum environment. Watch for the cross.
FIELDS¶
Stat Cards¶
| Stat | Description |
|---|---|
| SPOT | Current underlying price |
| ZERO GAMMA | Strike where net dealer gamma flips sign. Sub-label reads Long gamma (pinning) when spot is above; Short gamma (volatile) when spot is below |
| MAX STRIKE | Strike carrying the largest absolute net gamma — the primary pin candidate |
| TOTAL GEX | Net dollar gamma summed across the next six expirations |
Bar Chart¶
| Bar | Description |
|---|---|
| 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 |
The x-axis is strike price. The y-axis is net dealer gamma in dollars per 1% move. A green dashed vertical line marks spot; a gray dashed line marks zero-gamma.
HOW TO USE¶
- Open
/gex. SPY loads by default. - Select a quick-pick chip or type a ticker in the symbol input and hit GO.
- Read the four stat cards — note whether spot is above or below ZERO GAMMA to identify the current volatility regime.
- Read the bar chart. Look for clusters of large positive bars near spot (pinning) or walls 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. GEX is computed fresh from the live chain on each request.
No auto-poll
The page does not stream continuously. Refresh is manual because the aggregation is expensive to run. Always hit refresh before reading the chart intraday.
LIMITS¶
| Constraint | Detail |
|---|---|
| Expiration coverage | Next six expirations from the current chain |
| Universe | Any US-listed options chain; indices and high-volume single names give the cleanest reads |
| Refresh | On-demand only — hit refresh or reload the page |
| Positioning model | Standard market-maker model (long calls / short puts from retail-side flow). Systematic vol-selling funds and exotic dealer books are not separately modeled |
| Regime underestimation | Negative-gamma regimes underestimate true vol because the model assumes static delta-hedging at strike, not continuous re-hedging at vol-of-vol |
| Reliability | Index GEX (SPX/SPY) is most reliable. Single-name GEX with sparse open interest produces 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 names under $5B market cap. Use S&P 500 names and major ETFs for reliable signal.
ZERO GAMMA shows — Net gamma is monotonic across the surveyed strike range — all positive or all negative. No flip point exists within the chain. The underlying is unambiguously in one regime at every modeled strike.
MAX STRIKE is far from spot The market is positioned for a binary outcome at that strike (earnings, FDA, macro catalyst). Treat it as a magnet on the event day, not a daily pin until then.
Bars look the same as yesterday Refresh has not been triggered. Hit the refresh button — the page does not auto-poll.
RELATED¶
- Options Flow
- Charts
- Research
- Scanner