What this is
QQQ tracks the Nasdaq-100, so its options market has a different character than a broad-market index like SPY: a small number of large technology companies make up a big share of the index's weight, so a move in just one or two of those names' own options chains can shift the aggregate gamma picture more than a single constituent would in a more evenly weighted benchmark. Gamma exposure itself still measures the same thing for any underlying: how much options dealers are likely to buy or sell as price moves, based on positions currently open in the market. This page shows a delayed snapshot of that picture for QQQ, refreshed roughly twice an hour.
How to read it
Net GEX, the zero-gamma level, and the call and put walls are calculated the same way here as for any underlying: each open contract's gamma is weighted by its open interest and notional exposure per point of movement, then calls are netted against puts under a standard dealer-short convention. What differs is the input: QQQ's concentrated weighting means its gamma profile can shift faster around a single large constituent's earnings or a sharp move in that one stock's options chain than a broader index typically would from one name alone. Treat this as a positioning estimate specific to Nasdaq-100 options flow, not a forecast, and expect it to diverge from SPY's own gamma picture more often than the two indexes' price correlation alone would suggest, particularly during periods when a handful of large technology names are moving independently of the broader market.
FAQ
How is this different from the SPY gamma exposure page?
The underlying math is identical, but QQQ tracks a narrower, more concentrated index than SPY. A handful of large technology constituents can dominate its gamma picture in a way a broader, more evenly weighted index rarely sees from a single name.
Can one company's earnings move this number?
Yes, more so than for a broader index. Because a few constituents carry outsized weight in the Nasdaq-100, a large options move in one of them can shift QQQ's aggregate gamma even without any news about the index as a whole.
Why look at both SPY and QQQ separately instead of just one?
They move together most of the time but not always. QQQ leans more heavily toward technology and growth names, so its options positioning can diverge from SPY's during stretches when the market splits along sector lines.
How often does this update?
Roughly every 30 minutes, on the same refresh schedule as the SPY page.
Related terms & tools
Further reading
Informational only, not investment advice. Figures on this page are delayed by approximately 30 minutes, truncated to the top 15 rows, and refreshed periodically. They are not a real-time feed and are not affiliated with any exchange. For live, full-depth data across equities, crypto, forex, options, and macro, see the OpticAlpha terminal.