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gamma-exposurePRO

Gamma exposure

See where options dealers are likely to add or remove liquidity: the gamma flip, the call wall and the put wall, with a strike-by-strike chart of gamma exposure.

Options dealers hedge the contracts they sell by trading the stock. How much they hedge depends on their gamma at each strike. Gamma exposure, or GEX, adds that up. Where dealers are long gamma, their hedging tends to hold price in place. Where they are short gamma, it tends to push moves further. This page shows the levels where that changes, for a single stock or ETF. It needs a Pro plan.

Gamma exposure regime banner, tiles and levelsGamma exposure regime banner, tiles and levels
Gamma exposure regime banner, tiles and levels

How to open a symbol

  1. Click Gamma Exposure in the sidebar.
  2. Type a ticker in the SYMBOL box, or click one of the quick symbols above it.
  3. The page loads the regime banner, the stat tiles, the levels list and the chart.

How to read the regime banner and the tiles

The banner at the top says LONG GAMMA · PINNING or SHORT GAMMA · VOLATILE, and gives the flip strike and how far it is from the current price in percent. Below it are five tiles:

  • SPOT: the current price.
  • GAMMA FLIP: the strike where dealer gamma changes sign. Above it dealers are net long gamma and moves tend to be damped. Below it they are net short and moves tend to be amplified.
  • CALL WALL: the strike with the most call gamma. It often acts as a ceiling.
  • PUT WALL: the strike with the most put gamma. It often acts as a floor.
  • TOTAL GEX: net dollar gamma across all strikes and expirations included. Positive means a pinning regime and negative means a volatile one.

Hover the help icon on a tile for a short definition.

How to use the levels list

  1. Look at LEVELS · PRICE ORDER, which lists spot, the flip, the call wall and the put wall from high to low, with the distance from spot in percent.
  2. Click a level to highlight its line on the chart. Click it again to clear.
  3. Copy the strikes onto a chart as horizontal lines if you want them beside your own analysis.

How to switch the chart between net, calls and puts

  1. Under the levels list, click Net, Calls or Puts.
  2. Net shows call gamma minus put gamma at each strike. Calls and Puts show each side alone.
  3. Bars above the line are positive and bars below are negative. The chart marks Spot, CALL WALL, PUT WALL and FLIP.

Good to know

  • The numbers are estimates from delayed options data, and a freshness badge shows how old they are.
  • Levels move as open interest changes, so recheck them each day.
  • GEX describes likely hedging flows. It does not predict direction.

If something doesn't work

  • An upgrade card shows: gamma exposure needs Pro. See Pricing.
  • Tiles show a dash: the symbol has too little options data to find a wall or a flip. Try a larger name or an index ETF such as SPY.
  • The chart looks empty: switch between Net, Calls and Puts, or reload the symbol.