Gamma exposure · S&P 500 index
SPX gamma exposure (GEX)
Net dealer gamma on SPX options is -$34.33B per 1% move, from the close on Thu, Nov 12. Call and put gamma nearly offset (net is 9% of gross), so dealer hedging is not leaning hard either way.
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SPX gamma levels
Every 30 minFrom the close on Thu, Nov 12, net dealer gamma on SPX options was -$34.33B per 1% move, with SPX at 7,595.15. The call wall was 8,000 and the put wall 7,000. There is no clear gamma flip near the index level: added up strike by strike, net GEX never changes sign close enough to matter.
These figures are from the close on Thu, Nov 12. The market is closed; updates resume after the 9:30 AM ET open, every 30 minutes.
SPX GEX by strike
Each bar is the net dealer gamma at one strike, in dollars per 1% move in SPX: green bars are net positive (call gamma heavier), red bars net negative (put gamma heavier). The lines mark the index level and the call and put walls. Strikes from 6,965 to 8,125.
Largest SPX strikes by net GEX
The 10 strikes carrying the most net gamma, biggest first. The largest, 7,500, sits -1.3% from the index level.
| Strike | From index level | Call GEX | Put GEX | Net GEX |
|---|---|---|---|---|
| 7,500 | -1.3% | +$5.34B | -$11.53B | -$6.19B |
| 7,600 | +0.1% | +$7.78B | -$10.95B | -$3.17B |
| 7,400 | -2.6% | +$2.82B | -$5.98B | -$3.15B |
| 7,300 | -3.9% | +$651M | -$3.74B | -$3.09B |
| 7,450 | -1.9% | +$1.63B | -$4.32B | -$2.69B |
| 7,700 | +1.4% | +$13.14B | -$10.59B | +$2.55B |
| 7,800 | +2.7% | +$6.14B | -$3.99B | +$2.15B |
| 7,350 | -3.2% | +$753M | -$2.88B | -$2.13B |
| 7,550 | -0.6% | +$3.77B | -$5.73B | -$1.96B |
| 7,900 | +4.0% | +$2.81B | -$983M | +$1.83B |
Totals across the book: calls +$177.26B, puts -$211.59B, net -$34.33B per 1% move.
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Open Dealer PositioningHow to read SPX GEX
Net GEX is the total gamma dealers carry across SPX options, in dollars of hedging per 1% move. When it is positive, dealers hedge against the move: they sell as SPX rises and buy as it falls, which tends to calm the market. When it is negative, they hedge with the move, which tends to make swings larger.
The gamma flip is the index level where net GEX changes sign. Above it, dealer hedging tends to dampen moves; below it, to amplify them. A SPX close below the flip often comes with wider daily ranges.
The call wall is the strike at or above the index level with the most call gamma, and the put wall the strike at or below it with the most put gamma. Heavy hedging at those strikes can slow a move into them, so traders watch them as resistance and support. They are tendencies, not barriers: news and large flows push through them.
New to the idea? Start with what GEX is, or the longer guide to gamma exposure.
How these numbers are built
For every strike and side, GEX is gamma times open interest times 100 shares times the index level squared, times 1%: the dollars of stock dealers would buy or sell to stay hedged if SPX moved 1%. Calls count as positive and puts as negative, on the usual assumption that dealers are long the calls customers sell and short the puts customers buy. That assumption is the main limit of any GEX number.
The book covers 16 expirations through Jan 29, 2027: every monthly inside 90 days first, then the nearest expirations, then the Fridays. The flip is where cumulative GEX across strikes crosses zero nearest the index level. The index level shown is the nearest expiration's implied forward, which tracks spot closely.
These are the same figures the Terminal's Dealer Positioning module shows, refreshed here every 30 minutes while the market is open. Full details are in the methodology.
GEX on every ticker and expiration
TerminalThis page covers SPX. The Terminal shows dealer gamma by strike, the flip and the walls on any optionable ticker, for the whole book or a single expiration.
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