Gamma levels & signals
| Metric | Value |
|---|---|
| Call Wall | $772.00 |
| Put Wall | $745.00 |
| Net DEX | $17.79B |
| Volatility | Market makers are long gamma, expect decreased volatility |
| Magnet | Heavy gamma concentration at 772.0 strike |
| Support | Zero gamma level at 764.77 |
| Volatility | Heavy negative gamma below 745.0 |
| Support | Heavy put gamma at 772.0 |
| Resistance | Heavy call gamma at 780.0 |
| Resistance | Heavy call gamma at 775.0 |
| Support | Heavy put gamma at 770.0 |
| Resistance | Heavy call gamma at 774.0 |
| Support | Heavy put gamma at 745.0 |
| Resistance | Heavy call gamma at 785.0 |
| Resistance | Heavy call gamma at 776.0 |
What this is
Gamma exposure estimates how much options dealers have to buy or sell the underlying stock as its price moves, based on the options positions currently open in the market. When net gamma exposure is positive, dealers typically hedge by buying dips and selling rallies, which tends to compress realized volatility. When it flips negative, that hedging flow reverses direction and can amplify moves instead of dampening them. This page shows a delayed snapshot of that picture for SPY, the most heavily traded U.S. equity options underlying, refreshed roughly twice an hour.
How to read it
Net GEX is computed by weighting each open options contract's gamma by its open interest and notional exposure per point of underlying movement, then netting calls against puts under a standard dealer-short convention. The zero-gamma level is the underlying price at which that net figure crosses from positive to negative; the call wall and put wall mark the strikes with the largest concentrations of positive and negative gamma respectively, which often act as short-term price magnets or ceilings. This is a positioning estimate, not a prediction: it describes how dealers are likely to hedge given today's open interest, not what news or order flow will do tomorrow. It says nothing about direction, only about how sensitive price action may be to it.
FAQ
What does positive vs. negative net GEX mean?
Positive net GEX means dealers are broadly long gamma and their hedging tends to dampen price swings. Negative net GEX means dealers are short gamma, and their hedging can amplify moves in either direction.
What is the zero-gamma level?
It's the underlying price where net dealer gamma exposure crosses from positive to negative. Markets below it have historically shown more volatile, trending behavior than markets above it.
Why a dedicated page for SPY instead of one page for every ticker?
SPY is the most liquid U.S. equity options underlying, which makes its options-derived gamma estimate meaningfully more stable than a thinly traded name. QQQ gets its own page for the same reason; most individual tickers don't have deep enough options volume for this kind of estimate to be reliable.
How often does this update?
Roughly every 30 minutes. The freshness line at the top of the page always shows the exact time of the snapshot you're viewing.
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.