How to read gamma exposure on SPX
Gamma exposure measures how much dealers must hedge as the index moves. In positive gamma dealers hedge against the move and range compresses; in negative gamma they hedge with it and range expands. The gamma flip is the level where that regime changes.
Last updated:
What is dealer gamma, in plain terms?
When customers buy options, dealers take the other side and hedge their delta in the index. Gamma is how fast that hedge has to change as the index moves — so it converts option positioning into a predictable flow of index buying and selling.
What is the difference between positive and negative gamma regimes?
| Positive gamma | Negative gamma | |
|---|---|---|
| Dealer hedging | Against the move | With the move |
| Realised range | Compressed | Expanded |
| Typical session | Grind, mean reversion | Trend, air pockets |
How do call and put walls behave?
The call wall is the strike with the heaviest positive call gamma and often caps a session; the put wall is its downside mirror. They are hedging concentrations, so they matter while the positioning behind them lasts — a large expiry can erase both overnight.
Live call wall, put wall and net GEX values sit on the gamma levels page.
What does GEX not tell you?
It carries no directional signal, no information about who is positioned, and no obligation for price to respect any level. It describes conditions, not outcomes, and it should be read next to flow and realised range rather than alone.
See the live numbers
SPX gamma exposure by strikeNext step
See the live numberSPX gamma exposure by strike · Dealer gamma exposure (GEX) measures how much hedging pressure sits at each SPX strike. Positive net gamma tends to dampen movement as dealers hedge against the trend; negative…
Related content
Selected automatically by how closely each page overlaps this one.
- Live metricSPX gamma exposure by strikeDealer gamma exposure (GEX) measures how much hedging pressure sits at each SPX strike. Positive net gamma tends to dampen movement as dealers hedge…
- DefinitionGamma exposure (GEX)How much dealers must hedge as price moves.
- DefinitionPut wallThe strike with the heaviest put gamma below spot.
- Live metricSPX expected move by expiryThe SPX expected move is the range the options market is pricing into an expiry, taken from at-the-money implied volatility. The table lists each…
More guides
Analytics and education only · Not investment advice.